Putin Aide Reveals Bitcoin Mining as Russia’s Hidden Export

Maxim Oreshkin, an advisor to President Putin, noted at the ‘Calling!’ forum that bitcoin mining has become a hidden export for Russia. This highlights a shift toward incorporating crypto mining in Russia’s export metrics.

Oreshkin emphasized the need to count bitcoin mining in Russia’s balance of payments. Alongside him, key entities like the Bank of Russia and state companies like Gazprom Neft are involved in supporting crypto mining initiatives.

The declaration marks an important move for Russian economics, with Bitcoin as a major revenue generator. Gazprom Neft’s involvement underscores the strategic alignment of state resources with the crypto mining sector.

Financial implications include a legalization push for registered crypto miners. Less than a third of miners have registered, indicating substantial shadow economic activities in the crypto market.

Russia’s crypto strategy shows marked evolution affecting global markets, aligning with historical precedents set post-2020 during China’s mining ban. This suggests possible geopolitical and financial outcomes influencing international cryptocurrency trade.

Expert analysis suggests that regulatory acceptance may expand by 2026, potentially altering investor access. Russia’s legislative and economic directions indicate a shift toward integrating crypto in state financial frameworks.

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“We have a new export item, one that is undervalued, and that is cryptocurrency mining.” — Maxim Oreshkin, Deputy of Staff of the Presidential Executive Office, Moscow