$BTC

The Russian Ministry of Finance reported on the conduct of international payments using bitcoin.

What happened? Russian companies have started using bitcoin and other digital currencies in international payments after legislative changes allowed such use to counteract Western sanctions, said Finance Minister Anton Siluanov.

What else is known? Sanctions have complicated Russia's trade with its key partners, such as China or Turkey, as local banks are extremely cautious about operations related to Russia to avoid close scrutiny from Western regulators.

This year, Russia allowed the use of cryptocurrencies in foreign trade and adopted a law legalizing mining, being one of the world leaders in this area.

Earlier this month, Russian President Vladimir Putin stated that the current U.S. administration undermines the role of the dollar as a reserve currency by using it for political purposes and forcing countries to turn to alternative assets. One such asset he mentioned is bitcoin, which is impossible to regulate.