Maxim Oreshkin, an economic advisor to Russian President Vladimir Putin, has stated that cryptocurrency assets should be incorporated into the country's balance of payments statistics.
Russia's Cryptocurrency Strategy: Recognizing Bitcoin Mining as an Export
Oreshkin characterized Bitcoin mining as an "underestimated export item." He highlighted that Russian companies are utilizing cryptocurrencies for cross-border import payments. Furthermore, he noted that these companies generate a discernible impact on the foreign exchange market by selling the assets they obtain through mining operations.
The statements made by Oreshkin signal the increasing significance of crypto assets within the Russian economic landscape. Traditional payment channels have encountered considerable challenges, particularly in light of international sanctions, which has prompted Russian enterprises to turn towards Bitcoin and other cryptocurrency assets.
The activity within the Bitcoin mining sector further corroborates this trend. Estimates from the Bitcoin mining company Luxor Technology indicate that Russia is responsible for approximately 16% of the global Bitcoin hash rate. This positions Russia as the second-largest Bitcoin mining center worldwide, following the United States.
Sergey Bezdelov, President of the Russian Industrial Mining Association, reported that miners within the country produced an estimated 55,000 BTC in 2023. Following the halving event in 2024, approximately 35,000 BTC were produced in the subsequent period. This volume of production is understood to contribute substantially to Russia's export revenues and its foreign exchange liquidity.
Experts suggest that the formal inclusion of crypto assets in official statistics could serve a dual purpose: enhancing Russia's financial transparency and providing a more defined framework for its digital economy strategy.