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)

ChainCatcher news, according to The Block, fintech company Six Clovers has launched Versal Network on Sui, providing services that facilitate cross-border transactions for companies. The Six Clovers API combines blockchain technology with existing infrastructure, allowing organizations to integrate the Versal network into their tech stack for real-time payments with stablecoins and central bank digital currencies.Six Clovers was founded in 2021 by former PayPal employees and has received investments from Borderless Capital, BCW Group, and Grupo Supervielle. (Source link)

ChainCatcher news, according to Bitcoin.com, a draft law aimed at regulating cryptocurrency mining in Russia has been submitted to the Russian parliament, which will also legalize cross-border crypto payments. The bill will not threaten the status of the ruble as the only official currency of Russia and creates a foundation for the development of crypto infrastructure in Russia.According to previous reports, the lower house of the Russian parliament, the State Duma, rejected a legislative proposal aimed at regulating cryptocurrency mining, stating that the initiators failed to properly establish regulatory principles, requirements for data centers and mining operators, and the procedures for taxing mining companies. (Source link)