"Gold Finance reports that Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma of Russia, has stated that the Central Bank of Russia and the Ministry of Finance are developing regulations to establish rules for cross-border cryptocurrency payments. The government aims to finalize these regulations by the end of November.

The Russian government will initially test the cryptocurrency payment mechanism under an experimental legal regime (EPR), which means that only selected participants, such as credit institutions and banks, will be involved in the process. This aims to minimize risks and help develop regulations to protect the market from fraud.

Aksakov revealed that companies are already using cryptocurrency for import and export payments, with transaction volumes estimated at billions of dollars. He emphasized the need to limit the number of financial institutions participating in these transactions during the initial phase to better understand the market and develop effective regulatory frameworks."