The Central Bank and the Russian Ministry of Finance are preparing rules for cross-border crypto payments

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. Introduction of the experimental legal regime
  2. Benefits and risks of implementation
  3. Limitations and international strategies


    4. The Central Bank and the Ministry of Finance of Russia are developing legislation that will govern cross-border crypto payments. The administration plans to finalize these regulations by the end of November.

    Introduction of the experimental legal regime

    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.

    Benefits and risks of implementation

    Companies are already adopting crypto for import and export payments, with transactions valued at billions of dollars. Aksakov emphasized 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.

    Limitations and international strategies

    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.

    The Central Bank and the Ministry of Finance of Russia are moving towards finalizing legislation on cross-border crypto payments, aiming to create safe and effective operational rules. This process includes introducing an experimental legal regime and limiting the number of participants to carefully study the market.

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