Elvira Nabiullina, governor of Russia's central bank, has stated that bitcoin mining is contributing to the ruble's strong exchange rate. This marks a shift from the bank's previous anti-crypto stance. Officials are now discussing regulations to allow crypto trading through banks.
Russia's bitcoin mining sector has grown rapidly, prompting the central bank to acknowledge its economic benefits. Elvira Nabiullina told media outlet RBC that mining serves as an additional factor in the ruble's strength, though quantifying its impact remains challenging due to illegal operations in the industry.
“Mining is indeed one of the additional factors contributing to the ruble’s strong exchange rate,” Nabiullina said. “It is probably difficult to quantify the impact of crypto mining right now, because a significant portion of it remains in the gray zone.”
Historically, Nabiullina and the central bank opposed cryptocurrencies, warning that assets like bitcoin could harm the economy and advocating bans on mining and exchanges. However, Moscow has recently encouraged mining in regions with surplus power, leading to more registered and unauthorized activities. A presidential aide noted earlier this month that overlooking mining-related monetary flows has led to inaccurate ruble forecasts, describing the sector as a new export influencing foreign exchange.
The bank is now engaging with the Ministry of Finance, Rosfinmonitoring, and others on cryptocurrency regulations. Observers anticipate transactions will occur through licensed entities like banks. VTB Bank and Sberbank have introduced crypto derivatives and expressed readiness for pilots allowing high-net-worth clients to trade actual cryptocurrencies such as bitcoin and Ethereum.
