According to ChainCatcher, Anatoly Aksakov, Chairman of the Russian State Duma Financial Market Committee, said that the Russian Central Bank and the Ministry of Finance are developing regulations to establish 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 cryptocurrency payment mechanisms under the Experimental Legal Regime (EPR), meaning only selected participants such as credit institutions and banks will be able to participate in the process, which is intended to minimize risks and help develop 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 at the initial stage in order to better understand the market and develop effective regulations. (beincrypto)
