Russian Central Bank: Cryptocurrency mining has a substantial impact on the ruble exchange rate

The head of the Russian Central Bank recently made new remarks regarding the economic effects of the cryptocurrency mining industry during an interview with local media. The senior officials of the central bank pointed out that, although it is difficult to precisely calculate the impact of mining activities—mainly because a significant portion of the industry chain still operates outside the scope of regulatory coverage—there is no denying that mining activities have indeed become an important factor driving the appreciation of the ruble exchange rate.

Earlier that month, a relevant official from the Russian Presidential Office had already publicly stated that the cryptocurrency mining industry is categorized as an “emerging export industry.” The logic behind this judgment is not hard to understand: miners sell computing power on the international market for profit, which to some extent results in foreign exchange inflows, thereby exerting upward pressure on the ruble exchange rate.

Industry insiders believe that this kind of official public statement reflects the Russian government’s recognition of the economic value of the mining industry, although the specific scale and contribution still require further data support. The long-term trend of the ruble exchange rate will continue to be influenced by multiple factors. While the role of the mining industry is worth paying attention to, a precise assessment of its overall impact remains to be thoroughly studied.