Russian Lawmaker Suggests Nation Could Accept Bitcoin for Oil Payments

Under pressure from Western sanctions, Russia is considering alternative currencies for natural resource transactions.

During a news conference Thursday, the chairman of a Duma committee said that Bitcoin (BTC) may be one alternative Russia would accept as payment for oil and other commodities.

Russia may sell gas to the West in exchange for rubles and gold, and to “friendly” countries, such as China or Turkey, in exchange for national currency or Bitcoin, says State Duma deputy Pavel Zavalny.

“If they want to purchase, let them pay in a reliable currency, which is gold to us, or pay as it is convenient for us,” said Zavalny, head of the Duma Energy Committee. “The set of currencies can be different, and this is a typical practice. We can even ask to pay in Bitcoin,” he added.

Zavalny’s comments may have contributed to a significant rise in the Bitcoin price over the last 90 minutes. Bitcoin is now up about 3% for the day and is trading above $44,000 for the first time since its brief rise in early March.