Bitcoin mining as support for the ruble's price – Moscow's strategic shift

Russian financial authorities are shifting their approach to cryptocurrencies. The Central Bank of Russia, a long-time critic of digital assets, has now recognized Bitcoin mining as a significant factor supporting the stability of the ruble’s price under international restrictions.

Governor Elvira Nabiullina explained in an interview with RBC that the inflows generated by the mining sector contribute to strengthening the national currency’s position. This marks a drastic change in the narrative – the institution previously warned about the threats cryptocurrencies pose to the financial system and repeatedly proposed a complete ban on their trading.

From harsh criticism to pragmatic recognition

For years, the central bank argued that digital assets destabilize markets and should be eliminated from the economy. Officially, the institution still does not recognize Bitcoin as a means of payment in domestic transactions.

However, Nabiullina admitted that, given the current situation, the value generated by mining indeed influences exchange rates. The problem is that many operations remain in the legal gray area, making it impossible to fully assess the scale of this phenomenon. Official data do not reflect the actual volume of capital flowing from cryptocurrencies.

The change in stance is directly related to ongoing economic isolation. International sanctions have limited access to traditional currency exchange channels and trade financing. In such a situation, policymakers have realized that Bitcoin mining – supported by Russia’s energy resources – can serve as an informal but tangible source of value linked to global markets.

Mechanism of unofficial currency support

Under the pressure of sanctions, the economy operates with significant restrictions on international settlements. Cryptocurrency mining has emerged as a channel generating inflows valued on global markets, thereby supporting the ruble’s price during periods of high pressure on the currency.

The Central Bank admits that measuring the actual impact of mining on the exchange rate remains complex – transactions bypass regulated systems, and transparent data is lacking. Nevertheless, the institution already considers these flows in macroeconomic assessments.

This shift in importance – from a threat category to a category of practical support – reflects a change in priorities amid financial isolation.

Legislative integration of the banking sector

The change at the Central Bank coincides with developments in the State Duma. Anatoly Aksakov, head of the financial markets committee, explicitly stated: Bitcoin will not be used for retail payments. At the same time, he described mining as a strategic investment activity and a “new export commodity.”

Authorities are preparing legislative frameworks aimed at legalizing cryptocurrency trading through licensed banks. Russian financial institutions – including VTB and Sberbank – will be authorized to monitor digital asset trading under new regulations.

The goal is clear: shift current off-regulation transactions into banking systems, where flows will be subject to tracking, taxation, and compliance requirements. Authorities also plan to utilize assets related to mining in international transactions.

The cooperation between the Central Bank, the Ministry of Finance, and Rosfinmonitoring focuses on moving cryptocurrency trading from black markets to official settlement channels. This strategic move will allow authorities to track capital flows and use them as a component of balancing the ruble’s price amid ongoing economic restrictions.