Anatoly Aksakov, chairperson of the financial marekt committee of the Russian State Duma, said that the Russian Central Bank and the Ministry of Finance are working on regulations to establish rules for cross-border transfers of cryptocurrencies. The government aims to complete these regulations by the end of November. The Russian government will first test cryptocurrency payment mechanisms under an experimental legal regime (EPR), meaning that only selected players such as credit institutions and banks will be able to participate in the process, with the aim of minimizing risk and helping create regulations to protect the market from fraud. Aksakov revealed that companies are already using cryptocurrencies for import and export payments, with transactions estimated to be in the billions of dollars, stressing the need to limit the number of Financial Institutions Groups involved in these transactions at an initial stage in order to better understand the market and develop effective regulations.