Russian Central Bank Acknowledges Impact of Cryptocurrency Mining on Ruble

According to Foresight News, Elvira Nabiullina, the Governor of the Russian Central Bank, stated in an interview with Russian media outlet RBC that quantifying the impact of cryptocurrency mining is challenging due to its largely unregulated nature. However, she acknowledged that mining is one of the factors contributing to the strengthening of the ruble. Additionally, a presidential aide in Russia remarked earlier this month that cryptocurrency mining is emerging as a 'new export product' and is influencing the country's foreign exchange market.