Russia’s central bank governor Elvira Nabiullina said bitcoin mining may be providing incremental support to the ruble, an unusual acknowledgment from a policymaker who has historically treated digital assets as a financial risk.

Comments from the central bank

Nabiullina cautioned that mining cannot fully explain recent exchange-rate moves because the industry did not suddenly appear this year.

She also said the impact is difficult to quantify because much of the activity sits outside traditional reporting channels.

Nabiullina said mining has become:

“An additional factor.”

Mining framed as an export

Her remarks echoed earlier statements from Maxim Oreshkin, deputy chief of staff of the Presidential Executive Office, who described bitcoin mining as a new form of export.

The logic is that miners convert domestic energy into bitcoin that can be sold abroad, potentially bringing foreign currency into Russia without relying on conventional trade infrastructure.

From gray market to legalized sector

Russia has been a significant contributor to Bitcoin’s hashrate for years, helped by inexpensive electricity and colder climates that reduce cooling costs.

After China’s 2021 ban, some operators relocated to Russia, accelerating growth while the industry remained in a legal gray zone.

That changed in August 2024, when President Vladimir Putin signed legislation formally legalizing bitcoin mining.

The framework required miners to register as legal entities or individual entrepreneurs, though illegal mining and electricity theft reportedly persisted in some energy-constrained regions.

Regulation discussions continue

The central bank is discussing broader digital-asset regulation with the Ministry of Finance and anti-money laundering authorities.

Officials have indicated any future trading framework would likely route activity through licensed institutions rather than open retail markets.