Bank of Russia Says Crypto Mining Is Helping Support the Ruble
The head of the Bank of Russia publicly acknowledged that cryptocurrency mining is one of the factors helping to bolster the ruble, a statement that echoes a recent remark by a Kremlin official. Central bankers stopped short of calling mining the primary driver, but said its impact on currency flows is now material enough to be noted alongside other macro drivers.
The admission matters because it signals mining's growing economic footprint and could influence future policy on taxation, energy allocation, and regulation. If miners continue converting crypto proceeds into rubles or attracting inbound payments, that can support local liquidity and weaken pressure on the currency amid external shocks. Markets, policymakers and miners will be watching for follow-up measures — from targeted rules to incentives — that could shape how much mining contributes to Russia's financial stability going forward.