Russian President Vladimir Putin has come out in support of cryptocurrencies, at a time when Russia is the third-biggest crypto mining country.

Cryptocurrency is under increased scrutiny around the world, with many legislators looking to regulate the technology. China recentlyimplemented a major crackdown, and US officials are weighing what steps to take to regulate it.

Putin, on the other hand, seems ready to embrace it. In an interview with CNBC, via Bloomberg, the Russian president said crypto “has the right to exist and can be used as a means of payment.”

As Bloomberg highlights, Russia has been looking for alternatives to the US dollar for international trading for several years. The politics of the situation are no doubt playing a part in Putin’s embrace of crypto.