Crypto mining is making the Russian ruble stronger, central bank admits
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Cryptocurrency mining is one of the factors contributing for a stronger ruble lately, the head of the Bank of Russia has acknowledged. The statement confirms the claim of a Kremlin official, who recently noted that the activity is influencing the country’s currency market. CBR governor cites mining as ruble-strengthening factor Bitcoin mining is among the factors behind the current strength of the Russian ruble, admitted Elvira Nabiullina, chair of the Central Bank of Russia (CBR). The governor made the acknowledgment at a press conference where she was asked to comment on the significance of the turnover generated by the industry. Answering a question from the business news portal RBC, Nabiullina emphasized that gauging its influence is still difficult, as a large portion of the sector remains in the gray economy at this point. Also quoted by the Interfax news agency, the head of the CBR remarked that crypto mining, which was regulated in 2024, did not appear in Russia this year. Hence, the higher price of the ruble cannot be attributed solely to a sharp rise in this activity. At the same time, she stated: “Nevertheless, mining is indeed one of the additional factors contributing to the ruble’s strong exchange rate.” At the time of writing on Saturday, $1 is trading for a little over 80 Russian rubles, dropping from above 110 in January after registering a year-low of around 76 earlier in December. Elvira Nabiullina’s statements follow comments on the matter by a high-ranking representative of President Vladimir Putin’s administration. During an international investment conference organized by one of Russia’s largest banks, the Kremlin official noted that financial flows related to crypto mining are currently underestimated. Speaking at the “Russia Calling!” forum, Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin alleged this has been causing incorrect…
Filed under: News - @ December 20, 2025 11:24 am