Bitcoin mining ‘may be strengthening the ruble,’ says Russian central bank

Core Insights - The rapid rise of Russia's Bitcoin mining industry is positively impacting the economy and may be strengthening the ruble, according to Elvira Nabiullina, the governor of the Russian central bank [1] - The central bank has shifted from a hardline stance against cryptocurrencies to a more accommodating approach, promoting industrial mining in areas with idle power reserves [2][4] - The sector is being recognized as a significant contributor to the foreign exchange market, with some officials labeling it as a "new export item" [3] Industry Developments - The number of registered miners and illegal operators has surged, leading to power shortages in traditional mining hotspots [3] - The central bank is in discussions with various government bodies regarding cryptocurrency regulations, indicating a potential regulatory framework for the industry [4] - Major banks like VTB and Sberbank are preparing to launch crypto trading services and have already introduced crypto derivatives trading products [5][6]