The Russian Central Bank and the Ministry of Finance are developing legislation that will govern cross-border crypto payments. The administration plans to finalize these regulations by the end of November.
The crypto payment method will first be implemented under an experimental legal regime (EPR), with only a few players, such as credit institutions and banks. This stepwise strategy tries to reduce risks and set policies to keep the market safe from fraud.
Companies are already adopting crypto for import and export payments, with transactions valued at billions of dollars. Aksakov emphasised the necessity to limit the number of financial institutions involved in these transactions at the outset in order to better understand the market and implement effective regulations. Crypto is used to purchase not only necessities but also weapons and narcotics.
The Central Bank and the Ministry of Finance are working on bylaws that will outline operational procedures for cross-border crypto payments as well as who can participate in the initial trading phase. Aksakov emphasized that the usage of digital assets will be limited to foreign commercial activities and that Russia will not accept cryptocurrencies as a form of payment within the country.
