Russian Central Bank Governor Elvira Nabiullina said cryptocurrency mining may be emerging as an additional factor supporting the strength of the ruble, though its precise impact remains difficult to measure due to the sector’s limited transparency.
Speaking at a press conference in response to a question from an RBC correspondent, Nabiullina noted that a significant portion of crypto mining activity in Russia continues to operate in a “gray area,” making it challenging for regulators to fully assess its influence on the foreign exchange market.
Despite these limitations, she acknowledged that mining-related flows could be contributing to the ruble’s recent performance. “Mining has indeed become an additional support factor,” Nabiullina said, while stressing that the central bank lacks comprehensive data to accurately quantify its effect.
Her comments follow earlier remarks by Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, who highlighted the role of cryptocurrency and mining-related financial flows in distorting ruble exchange rate forecasts.
Speaking at the VTB “Russia Calling!” investment forum, Oreshkin said that analysts have underestimated the scale of these flows, which he described as a new form of export revenue for the Russian economy.
According to Oreshkin, cryptocurrency mining has begun to influence the foreign exchange market as miners convert digital assets into fiat currency, creating cross-border capital flows that are not fully captured by traditional reporting systems.
He added that the low visibility of the sector stems from the fact that many transactions occur outside standard financial channels.
The Bank of Russia is currently evaluating how to better account for crypto-related activity in its economic assessments. Oreshkin noted that these flows should eventually be reflected in the country’s balance of payments to improve the accuracy of macroeconomic forecasts.
Meanwhile, Nabiullina said the central bank is continuing discussions on cryptocurrency regulation with the Ministry of Finance and anti-money-laundering authorities. While Russia maintains restrictions on domestic crypto payments, regulators are exploring frameworks that would allow crypto trading through licensed and regulated institutions.
The comments signal growing recognition among Russian policymakers that cryptocurrency mining and related activities are playing a more meaningful role in the country’s financial system, even as much of the industry remains outside formal oversight.