The Central Bank of Russia acknowledges the role of Bitcoin mining in ruble stability.

On December 23, according to financefeeds, the Central Bank of Russia made a major reversal from its traditionally hardline stance on digital assets, formally acknowledging that the country's booming Bitcoin mining industry has provided a stabilizing effect on the ruble. Governor Elvira Nabiullina made these remarks in a recent interview with the Royal Bank of Canada (RBC), noting that the value inflows from mining operations have become a contributing factor to supporting the national currency's exchange rate. This acknowledgment marks a pragmatic shift for the institution, which has long advocated for a complete ban on cryptocurrencies. While Nabiullina acknowledged that accurately quantifying the impact remains difficult due to a significant portion of the industry operating in a legal gray area, she viewed mining as a tangible macroeconomic variable. This development comes after a period of extreme economic pressure, as the country seeks alternative financial channels to circumvent international sanctions and manage liquidity. (Source: financefeeds)