The country will formulate rules for cross-border payments of cryptocurrencies by the end of November
According to reports, Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, said that the Russian Central Bank and the Ministry of Finance are developing regulations to formulate rules for cross-border payments of cryptocurrencies. The government aims to complete these regulations by the end of November. The Russian government will first test the cryptocurrency payment mechanism under the experimental legal system (EPR), meaning that only selected participants such as credit institutions and banks can participate in the process, which aims to minimize risks and help formulate regulations to protect the market from fraud. Aksakov revealed that companies are already using cryptocurrencies for import and export payments, with transactions estimated at billions of dollars, emphasizing that it is necessary to limit the number of financial institutions involved in these transactions in the initial stage in order to better understand the market and formulate effective regulatory provisions.
