Elvira Nabiullina, Governor of the Central Bank of Russia, said on the 21st that Bitcoin (BTC) mining has become one of the factors supporting the ruble’s exchange rate, marking a notable shift in tone from the country’s top monetary authority.
?BTC MINING 'MAY BE STRENGTHENING' THE RUBLE
Russia Central Bank's Elvira Nabiullina says #Bitcoin mining is now supporting the ruble, becoming an added factor strengthening the currency. pic.twitter.com/eQKAheCAub
— Coin Bureau (@coinbureau) December 21, 2025
At the same time, Nabiullina acknowledged that quantifying the exact impact remains difficult, as much of Russia’s mining industry continues to operate in a legal gray zone. This includes a significant number of illegal or semi-legal mining operations that are not fully captured in official economic data.
Strategic Value Grows Under Economic Sanctions
The Russian government has recently encouraged crypto mining in regions with surplus electricity, fueling rapid expansion across the sector. Growth has been driven not only by registered companies but also by unlicensed operators taking advantage of low energy costs.
Nabiullina’s remarks represent a shift from her earlier stance. In previous years, she had argued that private cryptocurrencies could harm the Russian economy and advocated for strict bans on crypto mining and trading.
Russia is now estimated to control around 16% of the global Bitcoin hash rate, leveraging its vast energy resources to build a competitive mining industry. As international sanctions persist, cryptocurrencies are increasingly viewed as a strategic tool for preserving financial sovereignty.
In December, a senior Kremlin economic adviser also warned that underestimating crypto-related capital flows could lead to inaccurate ruble forecasts. The adviser added that Bitcoin mining should be treated as a new export industry with a non-negligible influence on foreign exchange markets.
Regulatory Framework and Legalization Plans
The Central Bank of Russia is currently working with the Ministry of Finance and the Federal Financial Monitoring Service to develop a comprehensive regulatory framework for cryptocurrencies.
Under the proposed system, crypto transactions would primarily be conducted through licensed banks, aiming to integrate digital assets into the formal financial system while strengthening oversight and compliance.
Major Russian banks, including VTB and Sberbank, are reportedly preparing to offer crypto-related financial products, increasing pressure on the central bank to accelerate regulatory clarity.
At the same time, the use of overseas stablecoins such as USDT for trade settlement has grown. Notably, a ruble-pegged stablecoin known as A7A5 has reportedly processed over USD 9.3 billion in transactions, highlighting the scale of crypto activity linked to cross-border commerce.
Russia aims to fully legalize Bitcoin mining and cryptocurrency circulation by 2026, positioning itself as a case study in how a resource-rich nation under sanctions is integrating digital assets into its economic strategy.
