Key Developments
- •Russian government is considering the inclusion of cryptocurrency in its national balance of payments.
- •The crypto mining sector is being recognized as a significant and undervalued export sector for Russia.
- •Russian firms have invested an estimated $1.3 billion in mining infrastructure, increasing their global hashrate share.
Crypto's Role in Economic Reporting
Moscow is moving to formally recognize cryptocurrency in its economic reporting. A top aide to President Vladimir Putin has advocated for its inclusion in Russia’s balance of payments. Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, highlighted that settlements made in crypto often occur outside traditional financial channels.
Oreshkin stated, “Cryptocurrency is a form of money supply,” and noted that Russian firms increasingly use crypto for cross-border payments, which also influences the fiat currency market. He described the country’s burgeoning crypto mining industry as an “undervalued export sector,” indicating that mining operations effectively serve as a hidden export contributing to Russia’s foreign exchange flows.
Growth of Russian Crypto Mining
According to Luxor Technology, a U.S.-based Bitcoin mining firm, Russia now accounts for nearly 16% of the global Bitcoin hashrate, placing it second only to the United States. Industry experts in Russia estimate that tens of thousands of Bitcoins are mined annually, generating daily revenues of approximately $12.9 million. The cumulative investment in mining infrastructure, which includes data centers, energy connections, and hardware, may have already surpassed $1.3 billion.
Russia’s top economic aide Maxim Oreshkin said crypto assets should be included in the country’s balance-of-payments statistics, calling Bitcoin mining an “underrated export.” He noted Russian firms are using crypto for cross-border imports and selling mined coins, with a…
— Wu Blockchain (@WuBlockchain) December 4, 2025
Regulatory Shifts and Legalization
Russia’s regulatory authorities are implementing measures to legitimize the use of crypto in international trade. In October, the central bank and the Ministry of Finance reached an agreement to recognize cryptocurrency payments as a legitimate form of “foreign economic activity.” The government is also operating a confidential regulatory sandbox that allows firms to experiment with cross-border crypto transactions while providing participants with protection from sanctions.
Industry figures emphasize the growing economic significance of crypto mining for the nation. Oleg Ogienko, CEO of blockchain consultancy Via Numeri, confirmed that mining already plays a notable role in the economy. Sergey Bezdelov, head of the Industrial Mining Association, reported past production declines due to the Bitcoin halving but noted that large-scale mining output continues.
Challenges and Illicit Activity Concerns
Despite these developments, concerns regarding illicit activity persist. In November 2025, UK law enforcement revealed the existence of a central Russian spy ring that was funded through an extensive money-laundering operation involving cryptocurrency conversions. This highlights the ongoing challenges in regulating the rapidly expanding crypto sector.