Russian Finance Minister Says Bitcoin Used in Foreign Trade

MOSCOW, Dec 25 (Reuters) - Russian companies have started using Bitcoin and other digital currencies in international payments after the introduction of regulations against Western sanctions, Russian Finance Minister Anton Siluanov said.

The sanctions complicate Russia's trade with major partners such as China and Turkey, as local banks are extremely cautious in transactions involving Russia to avoid scrutiny from Western regulators.

"Such transactions are already taking place. We believe that they should be expanded and developed further. I am sure that this will happen next year," he said, adding that international payments in digital currencies represent the future.