In the face of sanctions, why has the Russian Central Bank's attitude towards Bitcoin mining shifted from strict to more lenient?

Russia is facing long-term pressure from Western sanctions, and traditional foreign exchange channels have been severely restricted. Against this backdrop, an unexpected development has emerged: Bitcoin mining, an activity once regarded as a threat by the central bank, is now becoming a force to stabilize the ruble exchange rate. Recently, Central Bank Governor Elvira Nabiullina stated that funds flowing from mining are supporting the national currency, marking a fundamental shift in policy thinking.

From Opposition to Reassessment: The Turning Point of Central Bank Policy

For years, the Russian central bank viewed cryptocurrencies as a risk to financial stability and repeatedly advocated for a complete ban. However, with escalating international sanctions, the situation has changed. Nabiullina explicitly pointed out that although the central bank has not recognized Bitcoin as legal tender, the value generated from mining now has a measurable impact on the exchange rate.

The logic behind this recognition is not a sudden ideological shift but a pragmatic response to economic realities. Since Russia has been cut off from most international trade settlement channels, Bitcoin mining provides a new source of income linked to global markets. The central bank now considers it as part of macroeconomic variables rather than merely speculative risk.

Hidden Capital Flows in the Regulatory Gray Area

Although the scale of Bitcoin mining is difficult to quantify precisely, the central bank acknowledges its actual impact on the economy. Nabiullina explained that many mining operations still operate in legal gray areas, making official statistics difficult to reflect the true scale of capital inflows. However, the existence of this gray area has prompted the central bank to proactively incorporate it into the regulatory framework.

Russia possesses abundant energy resources, and the global demand for Bitcoin continues to rise, creating natural advantages for expansion. In an environment of international isolation, these capital flows have become an important factor supporting the resilience of the ruble.

Banking System Integration: From Underground to Regulation

Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, pointed out that Bitcoin will not become a retail payment tool, but mining itself is regarded as a strategic investment activity, even a new “export item.”

The government is planning to provide legitimate channels for cryptocurrency transactions through licensed banks. State-owned banks such as VTB and Sberbank are expected to offer regulated crypto trading services based on new legislative proposals. This move will bring currently dispersed market activities into the formal banking system, facilitating tax management and compliance tracking.

Cryptocurrency Strategy in the 2026 Fiscal Planning

During the formulation of future fiscal plans, the Russian central bank is coordinating with the Ministry of Finance and the financial monitoring agency Rosfinmonitoring. The goal is clear: to transfer cryptocurrency trading from unregulated markets into official settlement channels, establish capital flow tracking mechanisms, and ensure that mining assets can be used for international transaction settlements.

This is not only a strengthening of regulation but also a reorientation of economic strategy—Bitcoin mining has shifted from being a “potential threat” to an “important buffer during periods of financial isolation.” Russia is institutionalizing this informal economic activity, integrating it into the national financial system.