The Russian government is taking significant steps to incorporate cryptocurrency into its national balance of payments. Maxim Oreshkin, a senior aide to President Vladimir Putin, has emphasized the importance of recognizing crypto in economic reporting, particularly as the country”s crypto mining sector has grown significantly.
Oreshkin described crypto mining as an “undervalued export sector” that contributes to Russia”s foreign exchange flows. He highlighted that Russian firms have channeled approximately $1.3 billion into mining infrastructure, which has allowed the country to secure nearly 16% of the global Bitcoin hashrate, making it the second-largest Bitcoin miner after the United States.
According to industry insights, Russian operations are responsible for mining tens of thousands of Bitcoins annually, generating an estimated daily revenue of around $12.9 million. The recognition of cryptocurrency in national economic metrics is seen as a pivotal move, especially as settlements in crypto increasingly occur outside traditional financial channels.
Furthermore, the Russian regulatory framework is evolving to legitimize crypto payments for international trade. Recent agreements between the central bank and the Ministry of Finance have paved the way for the acceptance of cryptocurrency transactions as valid forms of foreign economic activity. Additionally, the government is piloting a confidential regulatory sandbox that enables companies to experiment with crypto transactions across borders, providing a safe environment for innovation amidst existing sanctions.
Experts within the industry are underscoring the growing significance of crypto mining to the overall economy. Oleg Ogienko, the CEO of blockchain consultancy Via Numeri, noted that mining”s economic impact is already notable, while Sergey Bezdelov, head of the Industrial Mining Association, acknowledged past production declines linked to Bitcoin halving events but reaffirmed the persistence of large-scale mining output.
However, the rapid expansion of the crypto sector has raised concerns regarding illicit activities. Notably, a November 2025 report from UK law enforcement unveiled a central Russian spy ring allegedly funded through a complex money-laundering scheme involving cryptocurrency. This highlights the ongoing challenges in regulating a fast-evolving industry that continues to gain traction in the global market.
