Governor of the Central Bank of Russia: Bitcoin mining may be strengthening the ruble

The head of the Central Bank of Russia, Elvira Nabiullina, stated that the rapid development of the Bitcoin mining industry in Russia is boosting the country's economy and may strengthen the ruble's exchange rate. Nabiullina acknowledged that it is difficult to quantify the impact of cryptocurrency mining due to the significant presence of illegal and semi-legal miners in the industry.

She said, "Mining is indeed one of the additional factors contributing to the strong ruble exchange rate." Previously, the Central Bank of Russia had opposed cryptocurrencies, and Nabiullina had called for a ban on mining and cryptocurrency exchanges. However, in recent years, Moscow's attitude towards crypto mining has warmed, encouraging miners to establish bases in areas where electricity reserves are idle.