Russia’s central bank starts treating Bitcoin mining like an export channel

Russia’s central bank governor Elvira Nabiullina is now publicly framing Bitcoin mining as an “additional factor” behind the ruble’s strength — while admitting the industry is still partly illegal and hard to measure.

That matters because Nabiullina has historically been on the “ban it” side of the argument. This is not a small rhetorical tweak — it’s a signal that Moscow is increasingly treating mining as an economic output rather than a purely speculative threat.

From “gray zone” to “industrial policy”

The core admission is blunt: a large part of mining remains in the gray zone, and illegal operators have been blamed for power shortages in hotspot regions.

But the policy direction is also clear: Moscow has been encouraging industrial miners to operate where there’s idle power — effectively turning stranded/cheap energy into an export-like revenue stream.

“Export item” language is the tell

Russian officials have been increasingly calling mining a “new export item” that can influence FX flows. That’s the framing change you should pay attention to: export language implies regulation, routing, and taxation, not prohibition.

You’ll see lower tolerance for backyard miners stealing power — and higher tolerance for large operators that can be monitored, taxed, and pointed at strategic goals.

Banks as the preferred rails

RBC reporting cited by DL News suggests the central bank is discussing crypto rules with other agencies, with a bias toward transactions being conducted through existing licensed market participants — likely banks.

Commercial giants like VTB and Sberbank have already signaled interest in crypto services and have launched derivatives products — a typical “test the waters” path before spot access for select clients.

What operators should watch next

If you’re a miner or builder watching Russia from the outside, the real indicators aren’t headlines — they’re implementation details:

Licensing language: “existing market participants,” “pilot,” “high net-worth” access.

Energy policy: specific regions singled out for “idle power,” tariffs, or enforcement campaigns.

Enforcement split: crackdowns on gray-zone miners while giving institutional miners a path to legality.

Bottom line: Russia is moving from “anti-crypto posture” to “state-shaped adoption.” That doesn’t mean friendly — it means controlled.