The Central Bank of Russia has made a U-turn: Bitcoin mining has become an economic variable that stabilizes the ruble

[Block Rhythm] The Central Bank of Russia has made a big turnaround.

The Russian Central Bank, which has long been vocal about suppressing cryptocurrencies, has recently changed its tune—officially acknowledging the value of the Bitcoin mining industry and viewing it as one of the factors stabilizing the national currency. This was stated by Central Bank Governor Elvira Nabiullina during an interview, where she clearly pointed out that the inflow of funds from the mining industry has provided tangible support for the ruble exchange rate.

What does this change in attitude mean? Institutions that once fervently pushed for a complete ban on cryptocurrencies are now starting to discuss the role of the mining industry using the language of macroeconomics—this is essentially a concession. Of course, Nabiullina also candidly acknowledged the limitations: since a considerable portion of the mining industry operates in a legal gray area, it is indeed difficult to accurately quantify its impact. Nevertheless, she still treats the mining industry as a visible economic variable.

Why is there such a shift? The background is clear—under extreme economic pressure and in an environment squeezed by international sanctions, the country urgently needs to find alternative financial channels to maintain liquidity. The foreign exchange inflow created by the mining industry has become a lifeline at this time. Ultimately, it is a policy driven by interests, and the data speaks for itself.