The Russian ministry of finance is considering the possibility of using cryptocurrencies like Bitcoin for international payments. According to a report by Interfax, the discussions are currently being held to help Russia revitalize its businesses with international partners given that the traditional payment infrastructure is currently limited.

Russia’s interest was triggered by a need to respond to the sanctions they received from NATO allied nations. Following the invasion of Ukraine earlier this year, Russia was hit with travel bans and asset freezes, coupled with cutting off major Russian banks from Swift and phasing out imports from Russia. All of these were done in a bid to have Putin stop the invasion.

And so they are responding by gradually expressing interest in using cryptocurrencies to conduct international transactions. Although experts have warned about the risk considering the volatile nature of Bitcoin which could pose challenges as against natural stable currencies like the Euro and US dollar.

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