Bitcoin Mining Might Be Boosting the Ruble, Says Russia’s CB

Russia’s Central Bank chief Elvira Nabiullina has acknowledged cryptocurrency mining as a potential factor strengthening the Russian ruble. The admission came during a press conference where she addressed questions about the digital asset industry’s influence on currency markets.

Russian central bank governor Elvira Nabiullina said Bitcoin mining may be contributing to a stronger ruble, though its impact is hard to quantify due to gray-area activity. She added that mining has become an additional support factor. Meanwhile, the central bank is discussing…

— Wu Blockchain (@WuBlockchain) December 22, 2025

Nabiullina emphasized the difficulty in measuring mining’s precise impact on exchange rates. She pointed to the substantial portion of operations remaining outside official oversight. The sector’s shadow economy status complicates accurate assessments of its contribution to currency strength.

Deputy Head of the Presidential Administration Maxim Oreshkin previously attributed flawed ruble forecasts to overlooked crypto-related financial flows. He characterized the mining sector as a new export category with tangible effects on foreign exchange dynamics.

The Central Bank governor clarified that mining activity predates 2025, making direct correlations with recent ruble gains problematic. However, she conceded the industry represents one of several factors supporting the currency’s robust performance.

Russia Pushes to Legitimize Crypto Operations

First Deputy Chairman Vladimir Chistyukhin recently stressed the urgent need to bring cryptocurrency activities into the legal framework. He called for rapid adoption of legislation governing digital asset transactions, including appropriate restrictions.

The Central Bank is currently negotiating crypto circulation rules with the Ministry of Finance and Rosfinmonitoring. Proposed frameworks would channel cryptocurrency transactions through licensed market participants using existing regulatory structures.

On December 4, Russian authorities confirmed plans to relax cryptocurrency investment restrictions. Officials stated it was “quite possible” to ease access beyond the current highly qualified investor category.

Present regulations limit legal crypto engagement to individuals holding at least 100 million rubles in deposits and securities. Annual income requirements exceed 50 million rubles, restricting participation to Russia’s wealthiest citizens.

Chistyukhin indicated circulation rules should expand to include broader investor categories. He cited Western sanctions limiting Russian access to traditional financial channels as motivation for the policy shift.

Moscow had previously maintained strong opposition to cryptocurrency circulation within its borders. Economic pressure from international sanctions forced a reconsideration of digital asset policies.

In March, the CBR proposed an experimental legal regime permitting Russian companies to use digital coins for cross-border settlements. The bank subsequently authorized cryptocurrency-based derivative instruments for qualified investors in May.

The regulator disclosed that household investments in Russian crypto derivatives total approximately $47 million. Officials deemed these amounts insufficient to pose systemic financial risks.

European Union Tightens Crypto Sanctions

Meanwhile, the European Union adopted its 19th sanctions package against Russia in October. For the first time since the Ukraine conflict began, restrictions targeted cryptocurrency platforms directly.

The measures prohibit Russia-based crypto payment providers from operating within the bloc. Distribution of related payment software also falls under the ban.

EU High Representative Kaja Kallas announced the package targets Russian energy, banks, and crypto exchanges. Entities in China, Hong Kong, and the United Arab Emirates face sanctions for allegedly helping Moscow evade restrictions.

We just adopted our 19th sanctions package.

It targets Russian banks, crypto exchanges, entities in India and China, among others.

The EU is curbing Russian diplomats’ movements to counter the attempts of destabilisation.

It is increasingly harder for Putin to fund this war.

— Kaja Kallas (@kajakallas) October 23, 2025

The European Council noted Russia’s increased reliance on digital assets for sanctions circumvention. Recent activity prompted the bloc’s first crypto-specific countermeasures.

A bloc-wide ban now covers the A7A5 ruble-backed stablecoin. EU authorities described this token as a prominent tool financing activities supporting military operations.

The Kyrgyz issuer of A7A5 and an unidentified digital asset platform face prohibition. Significant trading volumes of the stablecoin occurred on the targeted exchange.

At least eight banks and oil traders from Tajikistan, Kyrgyzstan, Hong Kong, and the UAE now face transaction bans. These entities allegedly facilitated Russian sanctions evasion through financial channels.

In October, the Russian regulator permitted commercial banks to operate with digital assets. Lawmakers simultaneously received calls to adopt comprehensive legislation regulating crypto investments beyond experimental frameworks.