Quick Breakdown
- Russian government eyes including cryptocurrency in national balance of payments.
- Crypto mining recognized as a significant and undervalued export sector.
- Russian firms invested $1.3 billion in mining infrastructure, boosting their share of global hashrate.
Moscow is moving to formally recognize cryptocurrency in its economic reporting, with a top aide to President Vladimir Putin advocating for its inclusion in Russia’s balance of payments. Maxim Oreshkin, Deputy Chief of Staff of the Presidential Executive Office, highlighted that settlements made in crypto often occur outside traditional channels.
Crypto mining seen as a “hidden export”
“Cryptocurrency is a form of money supply,” Oreshkin said, noting that Russian firms increasingly use crypto for cross-border payments, which also influences the fiat currency market. He described the country’s burgeoning crypto mining industry as an “undervalued export sector,” noting that mining operations effectively serve as a hidden export contributing to Russia’s foreign exchange flows.
According to U.S.-based Bitcoin mining firm Luxor Technology, Russia now accounts for nearly 16% of the global Bitcoin hashrate, second only to the United States. Russian industry experts estimate tens of thousands of Bitcoins are mined each year, generating daily revenues of approximately $12.9 million. The cumulative investment in mining infrastructure, including data centres, energy connections, and hardware, may already have surpassed $1.3 billion.
Russia’s top economic aide Maxim Oreshkin said crypto assets should be included in the country’s balance-of-payments statistics, calling Bitcoin mining an “underrated export.” He noted Russian firms are using crypto for cross-border imports and selling mined coins, with a…
— Wu Blockchain (@WuBlockchain) December 4, 2025
Regulatory shift to legalize crypto payments
Russia’s regulatory authorities are taking steps to legitimize the use of crypto in international trade. In October, the central bank and Ministry of Finance agreed to recognize cryptocurrency payments as a legitimate form of “foreign economic activity.” The government is also running a confidential regulatory sandbox to allow firms to experiment with cross-border crypto transactions while shielding participants from sanctions.
Industry voices emphasize the growing importance of crypto mining to the national economy. Oleg Ogienko, CEO of blockchain consultancy Via Numeri, confirmed that mining already plays a notable economic role, while Sergey Bezdelov, head of the Industrial Mining Association, reported past declines in production due to the Bitcoin halving but noted continued large-scale mining output.
Meanwhile, concerns over illicit activity persist. In November 2025, UK law enforcement revealed a central Russian spy ring, funded through a sprawling money-laundering operation involving cryptocurrency conversions, highlighting the challenges of regulating the rapidly expanding sector.
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