Russian Finance Minister Anton Siluanov on Wednesday said several companies in the country have begun using bitcoin in international payment.
He said the step is meant to counteract sanctions Russia has been imposed with by the West ever since the beginning of the Ukraine war.
"As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel, according to Reuters.
"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said.
Russia earlier in the year permitted the use of cryptocurrencies in foreign trade. The country has also been mining bitcoin for years and is one of the global leaders in the field.
Russian President Vladimir Putin has accused the US of leveraging the dollar to undermine other currencies and forcing emerging nations to opt for alternative means of exchange.
He has also championed bitcoin as an unfettered alternative to the US dollar.
Though over the years Bitcoin has risen by several hundreds of magnitude, it is yet to be widely accepted as a serious mode of exchange, with its use largely limited to shady dealings on the deep web.
A swing in its fortunes, however, may soon be on cards in the coming months when Donald Trump, who has been vociferous of the digital currency, takes oath and formulates policy on bitcoin.
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