Russia’s central bank governor Elvira Nabiullina said cryptocurrency mining may be contributing to the strength of the ruble, although its exact impact is difficult to quantify because a large part of the industry still operates in a gray area. She noted that mining has existed for years and did not suddenly emerge in 2025, meaning the recent appreciation of the ruble cannot be directly attributed to a sharp increase in mining activity. Nevertheless, she acknowledged that crypto mining has become an additional factor influencing the foreign exchange market.

Her comments come as Russian authorities move to “legalize and formalize” the domestic crypto market. Earlier, senior presidential aide Maksim Oreshkin said that underestimating financial flows linked to mining and cryptocurrencies had led to inaccurate forecasts for the ruble. According to him, the sector has effectively become a new export category, with tangible effects on currency flows.

Since November 2024, Russia has legalized crypto mining under a regulated framework. Individual entrepreneurs and companies must register with the Federal Tax Service, while private individuals can mine within a capped electricity limit. All miners are required to report income, and operators of mining infrastructure such as data centers must also be registered. The central bank is now discussing broader crypto regulation with the Finance Ministry and anti-money-laundering authorities, with future trading likely to be channeled through licensed institutions to improve oversight and transparency.