Cryptocurrency mining is strengthening the ruble, Bank of Russia says

Cryptocurrency mining is one of the factors contributing for a stronger ruble lately, the head of the Bank of Russia has acknowledged.

The statement confirms the claim of a Kremlin official, who recently noted that the activity is influencing the country’s currency market.

CBR governor cites mining as ruble-strengthening factor

Bitcoin mining is among the factors behind the current strength of the Russian ruble, admitted Elvira Nabiullina, chair of the Central Bank of Russia (CBR).

The governor made the acknowledgment at a press conference where she was asked to comment on the significance of the turnover generated by the industry.

Answering a question from the business news portal RBC, Nabiullina emphasized that gauging its influence is still difficult, as a large portion of the sector remains in the gray economy at this point.

Also quoted by the Interfax news agency, the head of the CBR remarked that crypto mining, which was regulated in 2024, did not appear in Russia this year. Hence, the higher price of the ruble cannot be attributed solely to a sharp rise in this activity. At the same time, she stated:

At the time of writing on Saturday, $1 is trading for a little over 80 Russian rubles, dropping from above 110 in January after registering a year-low of around 76 earlier in December.

Elvira Nabiullina’s statements follow comments on the matter by a high-ranking representative of President Vladimir Putin’s administration.

During an international investment conference organized by one of Russia’s largest banks, the Kremlin official noted that financial flows related to crypto mining are currently underestimated.

Speaking at the “Russia Calling!” forum, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin alleged this has been causing incorrect forecasts about the exchange rate of the Russian ruble.

He went on to point out that mining has become Russia’s “hidden export,” influencing its foreign exchange market, and suggested it should be factored into the country’s balance of payments.

“We have a new export item, an undervalued one, and that is cryptocurrency mining,” Oreshkin elaborated, adding he hadn’t seen such estimates from the central bank and concluding:

It’s not just mining, Bank of Russia governor insists

Elvira Nabiullina believes there are other reasons as well for the appreciation of the ruble, such as efforts to legalize Russian imports and their generally lower volume, under sanctions imposed over the war in Ukraine.

She explained that the share of imported goods and services in Russia’s gross domestic product (GDP) has shrunk significantly in comparison with the 2020 – 2021 levels, also affecting the ruble’s rate.

The national fiat’s strengthening can be partially attributed to the increase in a “recycling fee” collected by the Russian government on some imports such as automobiles, which was raised in October 2024 and then indexed again in January of this year.

“Companies imported cars ahead of the recycling fee increase. And car imports this year have indeed significantly decreased compared to last year,” the head of the central bank noted.

Nabiullina admitted the CBR is yet to amass enough data to properly evaluate the effect of the legalization of imports and said that if the measures against contraband prove effective, this could play a role, too.

The government in Moscow is now finalizing a plan to bring more of Russia’s economy out of the shadows, on the order of Putin, himself. As reported by Cryptopolitan, the proper legalization of mining and cryptocurrency circulation is one of the key tasks for 2026 listed in the document.

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