Russia to Establish Cryptocurrency Cross-Border Payment Regulations by November

According to Odaily, Anatoly Aksakov, Chairman of the Financial Market Committee of the Russian State Duma, announced that the Central Bank of Russia and the Ministry of Finance are working on regulations to establish rules for cryptocurrency cross-border payments. The government aims to finalize these regulations by the end of November. Initially, the Russian government will test the cryptocurrency payment mechanism under an experimental legal regime (EPR). This means that only selected participants, such as credit institutions and banks, will be allowed to engage in the process. The goal is to minimize risks and help formulate regulations to protect the market from fraud. Aksakov disclosed that companies are already using cryptocurrencies for import and export payments, with transaction volumes estimated to reach billions of dollars. He emphasized the need to limit the number of financial institutions participating in these transactions during the initial phase to better understand the market and develop effective regulatory measures.