The manufacturing group owned by the Russian state, Rostec, known for its role in the country’s military complex, plans to roll a ruble-peg token with rubbish, called rubies with a payment hub dubbed RT-Pay before the end of the year.
According to the state -owned news agency, each rubies TossA Treasury will represent a Russian rubles held in the account. Rostec will run tokens as the only issuer and operator, anchor the value of the property through “real obligations in real obligations in rubles in the laws written in the law.
The token is ready to be based on the tron blockchain. Rostec has intended to post the contract code on Github and tap the blockchain-system firm Cartic for an independent audit, the report states.
RT-Pe will plug the country’s banking rail directly. This link allows companies and private citizens to carry money in seconds, even after commercial hours, or lock funds in smart contracts.
Rostec says that RT-Pi, which will be integrated with the country’s banking rail, meets anti-laundering and anti-terrorism rules and complies with the Bank of Russia requirements.
A phased launch will target areas with high payment friction first, then expand, Rubx Project Dimitri Shumayev allegedly said.
Project as Moscow tests land Separate digital ruble Was issued by the central bank. The country is heating up to the cryptocurrency space, earlier this year, the institutes with Bank of Russia have been allowed to offer crypto-linked instruments to qualified investors.
Russia’s largest bank Sberbank and Moscow Exchange have already launched bitcoin products.
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Cryptocurrency has also been used to ignore Western sanctions on Russia’s oil trade. Reports suggest that some Russian oil firms have used BTC, ETH and some stabechoin to convert the payment made in Chinese yuan and Indian rupees to rubles.
Read more: Russia turns to Crypto to bypass Western restrictions in oil trade: Reuters
