Russia considers accepting Bitcoin for oil and gas

Russia is considering accepting Bitcoin as payment for its oil and gas exports, according to a high-ranking lawmaker.

Pavel Zavalny says "friendly" countries could be allowed to pay in the crypto-currency or in their local currencies.

Earlier this week, Russian President Vladimir Putin said that he wanted "unfriendly" countries to buy its gas with roubles.

The move is understood to be aimed at boosting the Russian currency, which has lost over 20% in value this year.

Sanctions imposed by the UK, US and the European Union, following the invasion of Ukraine, have put a strain on Russia's rouble and raised its cost of living.

However, Russia is still the world's biggest exporter of natural gas and the second largest supplier of oil.

Mr Zavalny, who heads Russia's State Duma committee on energy, said on Thursday that the country has been exploring alternative ways to receive payment for energy exports.

He said China and Turkey were among "friendly" countries which were "not involved in the sanctions pressure".

"We have been proposing to China for a long time to switch to settlements in national currencies for roubles and yuan," said Mr Zavalny. "With Turkey, it will be lira and roubles."

Mr Zavalny added: "You can also trade bitcoins."