Bitcoin mining may be strengthening the ruble, according to Elvira Nabiullina, governor of the Russian central bank. In remarks to RBC, Nabiullina said mining is leading to a strong ruble exchange rate. She added that quantifying the impact of crypto mining is difficult because a significant portion of the activity remains in the gray zone. Nabiullina noted that mining is indeed one of the additional factors contributing to the ruble’s strength.
As Moscow promotes industrial mining, observers say the central bank is poised to adjust its stance on crypto to accommodate adoption. RBC reported that the year ahead could see the central bank retreat from its hardline position, with future cryptocurrency transactions conducted primarily through existing market participants under current licenses. Observers noted that parties like banks and other central bank-supervised providers could handle more crypto activity.
Commercial banks such as VTB Bank and Sberbank have expressed readiness to offer crypto trading services, and have launched crypto derivatives products this year. Bank executives said pilots could enable high-net-worth individuals to buy and sell real cryptocurrencies like Bitcoin and Ethereum.
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