The government's concerns about the crypto mining sector's high energy demands have prompted a temporary ban in key regions.

Some businesses have begun using crypto, including bitcoin, to make international payments, Russia's finance minister said.

Russian companies have begun using bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Facing crippling sanctions, Russia is turning to cryptocurrency to keep its global trade alive. With Bitcoin now fully legal for international payments in Russia, President Putin has embraced it as a compelling alternative to traditional finance.