Russia to Finalize Crypto Payment Regulations for International Trade by Late November
CryptoNewsTerminal Staff14 Sep, 2024
Russia to Finalize Crypto Payment Regulations for International Trade by Late November
Russia is set to finalize its regulatory framework for cross-border cryptocurrency payments by the end of November, according to Anatoly Aksakov, head of the Financial Market Committee of the State Duma. The Central Bank of the Russian Federation and the Ministry of Finance are collaborating on the bill, which will establish clear rules and regulations for international settlements using cryptocurrencies. Earlier in September, Russia launched a pilot program for domestic cryptocurrency exchanges. This program included a component for testing cross-border crypto transactions. However, Aksakov emphasized the government's commitment to protecting the market from fraudulent activities, highlighting that cryptocurrencies have been used in illegal transactions involving weapons and drugs. As a result, cryptocurrencies will be permitted in foreign trade transactions, but not as a means of payment within the country.
