Russia is considering accepting %Bitcoin ($BTC) as payment for its oil and natural gas exports, according to state media reports.
Russian state media is reporting that “friendly” countries could be allowed to pay for oil and gas in Bitcoin or in their local currencies.
Earlier this week, Russian President Vladimir Putin said that he wanted “unfriendly” countries to buy its gas in roubles, the official currency of Russia.
The %Cryptocurrency move is aimed at boosting the Russian currency, which has lost over 20% in value this year. Sanctions imposed by the European Union and other nations following the invasion of Ukraine have put a strain on Russia’s currency.
Pavel Zavalny, who heads Russia’s State Duma committee on energy, said on Russian state media that the country has been exploring alternative ways to receive payment for energy exports, including Bitcoin and other cryptocurrencies.
Zavalny said: “You can also trade Bitcoins” for Russian oil and gas.
Russia remains the world’s biggest exporter of natural gas and the second largest supplier of crude oil.