The Bank of Russia has publicly acknowledged that cryptocurrency mining affects the ruble’s exchange rate. Central Bank Governor Elvira Nabiullina said mining has become one of several factors supporting the currency. She noted that crypto mining generates additional foreign exchange inflows. However, the exact scale of its impact remains difficult to measure.
According to Nabiullina, much of the mining sector still operates outside full transparency. As a result, its contribution is not fully reflected in official statistics. The governor stressed that mining did not suddenly emerge in 2025. Therefore, the ruble’s recent strength cannot be attributed solely to crypto activity. Still, she confirmed that mining now plays a measurable supporting role.
At the time of her remarks, the U.S. dollar was trading near 80 rubles. Earlier this year, the exchange rate exceeded 110 rubles per dollar. In early December, the ruble briefly strengthened toward 76 per dollar.
Kremlin highlights mining as “hidden export”
Earlier comments from the Kremlin reinforced the central bank’s assessment. Presidential administration official Maxim Oreshkin said mining flows are underestimated.
Speaking at the “Russia Calling!” investment forum, he described mining as a hidden export sector. According to Oreshkin, cryptocurrency production effectively brings foreign value into the economy.
He emphasized that digital assets are already being used to pay for imports. This creates direct effects on currency supply and the balance of payments. Oreshkin argued that ignoring these flows leads to flawed exchange rate forecasts.
Other drivers behind ruble appreciation
The central bank insists mining is only part of the story. Reduced imports under Western sanctions have also supported the ruble. Nabiullina explained that the share of imports in Russia’s GDP has declined sharply. This trend differs significantly from the 2020–2021 period.
Another factor was the increase in recycling fees on imported vehicles. The fee was raised in October 2024 and indexed again in January 2025. Companies accelerated car imports ahead of the increase. As a result, vehicle imports dropped sharply this year.
The Bank of Russia is also assessing the effects of legalizing parallel imports. If anti-smuggling measures succeed, the ruble could receive additional support. Meanwhile, the Russian government is finalizing plans to reduce the shadow economy. According to official documents, full legalization of crypto mining and circulation is targeted for 2026.
