Illustrative image of two commemorative bitcoins seen in front of the national flag of Russia displayed on a computer screen.

Russia is considering legalizing the use of cryptocurrency for international payments as the country faces ongoing financial pressure from Western sanctions.

The State Duma, which is the lower house of the Russian Parliament, will on Tuesday consider a law that permits making international payments via cryptocurrencies, Elvira Nabiullina, the governor of Russia's central bank, said Tuesday.

"Today, the State Duma is considering a law that allows settlements in cryptocurrencies within the framework of an experimental regime," Nabiullina said, speaking in the Russian Federation Council, the upper house of Russia's parliament, according to state-owned news agency RIA Novosti.

The Duma is expected to approve the law Tuesday, Reuters reported separately.

Russia's central bank is also itself looking to move money across borders using crypto, with its chief saying crypto-based payments will take place before the end of 2024.

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