Russian Finance Minister Anton Siluanov said that cryptocurrencies can be considered a good tool for external payments under sanctions. However, digital assets should not be perceived as an object of investment and “a source of easy money,” the official added.

Speaking at the educational forum “Knowledge,” Siluanov said that the law allows mining cryptocurrencies:

“Our country has a lot of electricity, why not mine this currency? But what do we use it for? For international payments, for external payments.”

In Russia, there are restrictions on payments in the currencies of so-called unfriendly states, and foreign banks refuse to work with Russian companies. However, with the help of cryptocurrencies it is possible to conduct foreign economic activity despite sanctions, the official said:

“From the point of view of calculations, cryptocurrencies are a good tool today. So we will use it in this regard.”

Siluanov called investments in cryptocurrencies too risky due to the excessive volatility of the asset. There are other ways in the market to make a profit with minimal risk, he added.

Earlier, Anton Siluanov announced plans to create the BRICS Bridge payment system, which could replace the current international banking system. Bridge could use digital financial assets (DFAs), the head of the Russian department specified.