Russia will regulate cross-border encrypted payments by the end of November

Odaily Planet Daily reported that Anatoly Aksakov, Chairman of the Financial Markets Committee of the Russian State Duma, stated that the Russian Central Bank and Ministry of Finance are developing regulations to establish rules for cross-border payments of cryptocurrencies. The government's goal is to complete these regulations by the end of November. The Russian government will first test cryptocurrency payment mechanisms under an experimental legal system (EPR), meaning that only selected participants such as credit institutions and banks can participate in the process, aiming to minimize risks and help develop regulations to protect the market from fraud. Aksakov revealed that the company is already using cryptocurrency for import and export payments, with an estimated transaction volume of billions of dollars. He emphasized the need 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 regulations. （beincrypto）