BCGAME - Free 5BTC Daily Bonus!The regulation of cross-border payments with cryptocurrencies in Russia should happen by November. The information was revealed by Anatoly Aksakov, chairman of the State Duma's Financial Market Committee, during a recent interview with local media.
Aksakov noted that the Central Bank and the Ministry of Finance of the Russian Federation are working to formalize bylaws aimed at establishing rules for cross-border payments using cryptocurrencies. The government expects these regulations to be finalized by the end of November.
On September 1, the law allowing the use of cryptocurrency for foreign trade settlements came into force. However, this activity still needs to be fully regulated.
“The law came into force on September 1, and everything will be regulated by November. The Central Bank, together with the Ministry of Finance, is preparing a statute that will determine the circle of people and organizations included in this process. These will be, first of all, credit organizations. Banks are already actively doing this. In principle, cryptocurrency is already used to pay for exports and imports; the volume is measured in billions of dollars; at the same time, there is an understanding that it is necessary to limit the number of financial institutions that will serve this turnover,” he said.
Aksakov supplemented his statement by explaining during the interview that, “in the first phase, the authorities want to test the functioning mechanism of this market to understand the best way to regulate it. It is also important to protect it as much as possible from unscrupulous participants, because cryptocurrency is used to pay not only for the supply of necessary goods, but also for the purchase of weapons and drugs. Then the number of participants will increase, as will the number of special platforms through which such auctions will be held.”
Report highlights that Russia’s crypto infrastructure aims to circumvent sanctions
Um report A recent report released by blockchain analytics firm Chainalysis highlighted that the Central Bank of Russia (CBR) is making some efforts to develop a financial infrastructure that would allow the country to use cryptocurrencies for international trade, thus circumventing Western sanctions.
The report noted that in response to growing financial pressures from Western sanctions, Russia has enacted legislation that legalizes cryptocurrency mining, as well as allowing the use of cryptocurrencies for international payments. President Vladimir Putin signed the bills into law on August 8, and cryptocurrency payments trials are expected to begin later this month.
