"If cryptocurrencies ever become mainstream, then prices could go a lot higher; if not, many become worthless."
A pizza order in 2010 was the first ever real-world use of the cryptocurrency—with 10,000 bitcoin worth just $41.
"I'm setting up a small group to explore how to best leverage blockchain across Facebook," said executive David Marcus.
The country is suffering from such severe hyperinflation that residents are buying basic goods with duffel bags full of cash.
Alexei Moiseev, Russian Deputy Finance Minister, told reporters that the Finance Ministry "supports the legalization of trade in cryptocurrencies on official exchanges."
The town of 30,000 has attracted entrepreneurs who have created cryptocurrency startups.