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Maxim Oreshkin, economic advisor to Russian President Vladimir Putin, said that crypto assets should be included in the country's balance of payments statistics.
Russia's Cryptocurrency Move: “Bitcoin Mining Is an Overlooked Export”
Describing Bitcoin mining as an “underestimated export item,” Oreshkin emphasized that Russian companies use cryptocurrency for cross-border import payments and create a noticeable impact on the foreign exchange market by selling the assets they produce through mining.
Oreshkin's statements indicate the growing role of crypto assets in the Russian economy. The challenges facing traditional payment channels, particularly due to international sanctions, are driving Russian companies toward Bitcoin and other crypto assets.
Activity in the mining sector also supports this picture. According to estimates by Bitcoin mining company Luxor Technology, Russia accounts for approximately 16% of the global Bitcoin hash rate, making it the world's second-largest mining center after the US.
Sergey Bezdelov, President of the Russian Industrial Mining Association, announced that miners in the country produced approximately 55,000 BTC in 2023 and approximately 35,000 BTC in the post-halving period in 2024. This production volume is said to make a significant contribution to Russia's export revenues and foreign exchange liquidity.
Experts say the inclusion of crypto assets in official statistics could both increase Russia's financial transparency and help provide a clearer framework for its digital economy strategy.
*This is not investment advice.