According to Odaily Planet Daily, Anatoly Aksakov, chairman of the Russian State Duma Financial Market Committee, said that the Russian Central Bank and the Ministry of Finance are formulating rules for cross-border payments of cryptocurrencies, with the goal of completing them by the end of November.
The Russian government will first test cryptocurrency payment mechanisms under the Experimental Legal Regime (EPR), which will allow only selected participants such as credit institutions and banks to participate, aiming to reduce risks and protect the market from fraud.
Aksakov revealed that companies are already using cryptocurrencies for import and export payments, with transactions estimated to be worth billions of dollars, stressing the need to limit the number of financial institutions involved in these transactions at the initial stage.