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For a long while, the Russian Central Bank was pretty unsure about crypto, seeing it as a possible threat to the ruble. Elvira Nabiullina, who runs the bank, is known to be cautious with money stuff. But, around late 2025, things started to change.
Nabiullina admitted that crypto mining actually helps keep the ruble stable. This is a big deal because it's the first time a central bank, especially one dealing with sanctions, has said that crypto mining can help a country's economy.
**Mining as a New Resource**
Russia used to rely on gas and oil for its economy. Now, crypto mining is becoming a new, sort of invisible, export. People close to the Russian president are calling it a new export product.
Here's how it works: Russia uses extra electricity, often from faraway places in Siberia, to mine Bitcoin. This is like exporting energy without needing pipelines. When these miners sell their Bitcoin, they bring money into Russia. When they pay taxes or costs, it makes the ruble stronger. It's like a system that ties global computing power to the value of the ruble.
**Crypto and Sanctions**
The Central Bank's change in attitude isn't just a change of mind. It's a reaction to problems with the global financial system. Since it's harder to use regular systems like SWIFT, Russia is finding other ways to keep its economy going. Mining is good because it creates something neutral. Bitcoin doesn't care where it comes from.
Some see this as a great example of the internet of value. It shows that when normal trust breaks down, math can help. Using a system that's not controlled by one place, a country can avoid the usual banking restrictions. It's like the idea of Web3 playing out on a country-wide level – where value is based on code, not permission.
But, there's also a reason to be worried. Relying on something as unpredictable as Bitcoin to support a currency can be risky. Some say it's not a sign of progress, but of desperation – a shadow export that only works because regular methods are blocked. Using something not regulated also makes the ruble's value shaky, depending on the market or changes in global mining.
**Regulation Issues**
Even though they see some good in it, the Central Bank is still careful. They keep saying that the industry isn't regulated enough. Russia wants to use the good sides of crypto but also wants to control it.
Right now, we're seeing the start of a state-managed crypto industry. The government is choosing certain areas for mining while blocking it in others to protect the power supply. They're trying to combine the free nature of blockchain with the control of a planned economy. Whether this works depends on if the government can tax and keep track of this digital money without hurting the reasons why it's valuable in the first place.
**In conclusion**
The Russian Central Bank's shift shows a change in how we think about value. For a long time, we trusted the state, and the state trusted the central bank. Now, trust is becoming more spread out. It's protected by technology instead of people in charge.
As crypto mining becomes a normal part of a country's finances, the line between digital and real things gets blurry. Whether this is a way to avoid sanctions or a step into the future of finance, one thing is sure: the internet of value is now affecting national currencies.
In the future, the value of money might depend as much on computer chips as on choices made by central banks. We're moving from trusting people to trusting math, and that will change the world for years to come.
