Russia plans to legalize the use of cryptocurrency in international trade

The Russian Central Bank and the Ministry of Finance have reconsidered their stances on cryptocurrency.

They now argue that the use of cryptocurrencies in cross-border settlements must be legalised.

The move comes as Russia seeks alternatives to the US dollar in order to ensure the efficient trade of its commodities.

According to local news outlet TASS, Russian government bodies have agreed that it is necessary to legalise the use of cryptocurrencies in cross-border settlements.

Russia is experimenting with how to best regulate the Bitcoin and cryptocurrency markets.

President Vladimir Putin dismissed the possibility in an interview at the Russian Energy Week event last year.