Russia Will Establish Cross-Border Cryptocurrency Payment Regulations By November

Anatoly Aksakov, Chairman of the State Duma's Financial Markets Committee, announced that the Russian Central Bank and Ministry of Finance are working on regulations for cross-border cryptocurrency payments. The government aims to finalize these regulations by the end of November.

Initially, the Russian government will test the cryptocurrency payment mechanism under an experimental legal regime (ELR). This means only selected participants, such as credit institutions and banks, will be involved in the process. The goal is to minimize risks and develop regulations to protect the market from fraud. Aksakov noted that companies are already using cryptocurrencies for import and export payments, with transaction volumes expected to reach billions of dollars. He emphasized the need to limit the number of financial institutions participating in the initial phase to better understand the market and develop effective regulatory measures.