Russia will regulate cross-border cryptocurrency payments by the end of November

ChainCatcher news, Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma of Russia, stated that the Central Bank of Russia and the Ministry of Finance are developing regulations to establish rules for cross-border cryptocurrency payments. The government's goal is to complete these regulations by the end of November.

The Russian government will first test the cryptocurrency payment mechanism under the Experimental Legal Regime (EPR), meaning that only selected participants such as credit institutions and banks will be allowed to participate in the process, aimed at minimizing risks and helping to formulate regulations to protect the market from fraud.

Aksakov revealed that companies are already using cryptocurrencies for import and export payments, with transaction volumes estimated to reach billions of dollars, emphasizing 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 provisions. (beincrypto)