Russian Central Bank Governor: Cryptocurrency mining may be another factor contributing to the ruble's strength.

PANews reported on December 22 that, according to Russian media, Russian Central Bank Governor Elvira Nabiullina stated in response to a reporter's question that cryptocurrency mining may be another factor contributing to the ruble's strength. She clarified that the ruble's appreciation cannot be directly attributed to the growth of cryptocurrency mining, as activity in this sector did not begin in 2025. However, she acknowledged that mining does indeed have an impact on the currency market.

Starting November 1, 2024, sole proprietorships and legal entities registered with the special registry of the Federal Tax Service (FTS) of Russia can engage in cryptocurrency mining. Sole proprietorships do not need to register to mine, but must comply with an energy consumption limit of 6,000 kilowatt-hours. Miners must declare their income. According to the Russian Industrial Mining Association (IMA), Russia ranks second in the world in mining capacity, accounting for more than 16% of global computing power during the summer.