Russian authorities are shifting the boundaries in perceiving Bitcoin mining as a tool to support the value of the ruble

The Central Bank Recognizes Bitcoin Mining’s Contribution to the National Fiscal System

The stance of the Central Bank of Russia regarding cryptocurrency mining has undergone a clear transformation. Official officials now acknowledge that mining operations generate capital flows that help stabilize the value of the ruble amid international financial isolation. Elvira Nabiullina, who heads the institution, recently stated that revenues from this industry constitute a significant macroeconomic factor that the institution previously completely neglected.

This shift in rhetoric reflects a pragmatic assessment of economic realities. International sanctions have drastically limited traditional currency exchange channels, and Russia is seeking alternative sources of value inflow. Bitcoin mining, powered by abundant energy resources, has become an unofficial but important element in balancing currency flows.

From Traditional Reluctance to Pragmatic Recognition

For years, the financial institution maintained a firm stance against digital assets, arguing that they pose a threat to system stability. The position has not completely changed – the Bank still does not recognize cryptocurrencies as a means of payment in domestic transactions.

However, Nabiullina admitted that actual mining revenues are already influencing currency exchange fluctuations. The problem is that most of these operations operate in the gray legal area, making it impossible to accurately quantify the scale of the phenomenon. Official statistics thus do not reflect the true volume of cryptocurrency-related flows.

Recognizing mining as a real economic activity, rather than merely a speculative game, results from prolonged economic pressure. As access to international financial markets narrows, policymakers must mobilize every available source of value to support the stability of the ruble.

Cryptocurrencies as an Informal Channel in Conditions of Isolation

Russia’s economy operates under the weight of sanctions that paralyze trade settlements and render traditional currency channels inefficient. In this context, Bitcoin mining has evolved from marginal interest to a potential buffer against systemic financial shocks.

Mining flows are valued on global markets, which constitutes a key source of foreign currency for Russia. The Central Bank already considers these inflows in its macroeconomic assessments, although precise measurement remains difficult due to the informal nature of transactions.

This transformation of status—from a potential regulatory threat to an element supporting the ruble’s value—indicates a profound change in policymakers’ thinking. Is this a temporary adaptation to current conditions, or the beginning of a long-term policy reorientation?

Legal Framework and Integration of the Financial Sector

The change in the Central Bank’s narrative coincides with evolving views in the State Duma. Anatoly Aksakov, head of the committee overseeing financial markets, expressed support for Bitcoin as a strategic investment commodity and a “new export product” for the economy, noting, however, that it will not be used for widespread retail payments.

Draft laws envisage legalizing access to cryptocurrencies through licensed banking institutions. Major state banks, including VTB and Sberbank, will have the opportunity to offer supervised digital asset trading. The initiative aims to transfer existing informal transactions into banking systems, thereby facilitating taxation and monitoring of flows.

While developing the 2026 budget, the Central Bank collaborates with the Ministry of Finance and relevant supervisory agencies. The goal is to migrate cryptocurrency trading from unregulated channels to official clearing systems, enabling flow tracking, compliance enforcement, and the use of mining assets in international transactions.