Russia weighs its role in the ruble
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Authorities in Russia are increasingly examining how Bitcoin mining interacts with the broader economy, as officials debate its role in supporting the national currency. Central bank sees mining as an “additional factor” Bitcoin mining may be giving incremental support to the Russian ruble, according to Central Bank Governor Elvira Nabiullina, who nonetheless stressed that the impact is difficult to measure because much of the sector operates in a legal gray zone. Responding to a question at a press conference, Nabiullina said it is “probably difficult to quantify” mining‘s influence “because a significant part of mining is still in a gray area.” However, she acknowledged that mining is “indeed one of the additional factors contributing to the strong ruble exchange rate.” As Russian business outlet RBC reported, her comments come as officials in Moscow increasingly describe crypto flows as macro-relevant, rather than merely a niche tech or energy story. Moreover, policymakers are now trying to incorporate these flows into models that track the ruble exchange rate. Mining flows framed as a new export channel Earlier, Maxim Oreshkin, deputy head of the presidential administration, said ruble forecasts have been distorted by an underestimation of financial flows tied to mining and cryptocurrency. In his view, the sector has effectively become a new export item that can influence the currency market, in part because it moves outside standard channels. These opaque flows are often statistically “invisible,” he suggested, complicating traditional balance-of-payments analysis. That said, the growing attention to invisible mining financial flows indicates that Russian authorities see them as large enough to matter at the macro level. Nabiullina, however, refused to endorse any simple one-to-one link between the ruble’s recent strength and a sudden surge in mining activity. She underlined that mining did not first appear in 2025, so analysts should not attribute the currency’s…
