Russia is progressing toward establishing a legal framework for cryptocurrency cross-border payments, with regulations expected by November.

Anatoly Aksakov, Chairman of the Financial Market Committee in the Russian State Duma, stated that the Central Bank and Ministry of Finance are working together on this initiative, which aims to regulate the use of digital assets for international transactions.

The government plans to implement an Experimental Legal Regime (EPR) to initially test cryptocurrency usage in cross-border payments. This trial phase will involve selected participants, such as banks and credit institutions, to minimize risks and better understand the implications.

Aksakov mentioned that some companies are already using cryptocurrencies for import and export transactions, with volumes expected to reach billions of dollars.

The initial phase will limit the number of financial institutions participating, allowing the government to monitor the market closely and adjust regulations to protect it from fraud while promoting growth.

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