Russia to Regulate Cross-Border Crypto Payments by the End of November

Odaily Odaily reported that 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 establish rules for cross-border payments in 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 Regime (EPR), which means 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, and emphasized 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 develop effective regulatory provisions. (beincrypto)