Russia is currently working on a cryptocurrency project. It is a more accurate project conceived by two Russian millionaires: Alexander Lebedev and Sergey Mendelev. The main goal: to launch a tokenized cryptoruble based on Ethereum. According to the developers, this cryptoruble could significantly facilitate Russian access to international crypto platforms.
Ethereum: the ruble will soon enter the crypto world
We owe this DeFi startup to two big names: Sergey Mendelev and Alexander Lebedev. They are two well-known figures in the Russian banking world. His goal: to launch the cryptoruble.
According to Ultcoin 365, the issue of the tokenized cryptoruble will be done in two ways:
- Through a decentralized smart contract with redundant collateral;
- Based on the methodology used by the stablecoin DAI.
In this sense, Sergey Mendelev clarified that the cryptoruble will have a 1:1 exchange rate with the Russian ruble. Users will have a choice between the following options:
- Issuing cryptoruble by placing sufficient collateral in the form of a stablecoin or cryptocurrency;
- Buy from an authorized exchange for fiat currency.
In any case, the new cryptoroubles will be based on Ethereum.
Cryptoruble: the alternative for international settlements?
The tokenized cryptoruble on Ethereum was designed to provide Russian entrepreneurs with an alternative to international settlements. In any case, these are the words of the CEO of the decentralized financial banking platform (DeFi) Indefibank, no less the initiator of the cryptoruble project.
In the medium and long term, companies will not only benefit from this project. The cryptoruble will also allow Russian citizens to easily access international crypto exchanges. But this is on the condition that the legislation allows it, according to ibtimes.
Russia is looking for a miracle solution to strengthen the value of the ruble. The Ethereum-based cryptoruble could be that solution. This new crypto token could indeed improve Russian international crypto exchanges. But will Russian legislation facilitate those exchanges? Case to follow!
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!