Russia is currently working on a cryptocurrency project. It is more exactly a project thought up 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 Russians’ access to international crypto platforms.
Ethereum: the ruble will soon join the crypto world
We owe this DeFi startup to two big names: Sergey Mendelev and Alexander Lebedev. They are two well-known personalities in the Russian banking world. Their goal: to launch the cryptoruble.
According to Ultcoin 365the issuance of the tokenized cryptoruble will be done in two ways:
- Via a decentralized smart contract with excess collateral;
- Based on the methodology used by the DAI stablecoin.
In this sense, Sergey Mendelev clarified that the cryptoruble will have an exchange rate of 1:1 with the Russian ruble. Users will have the choice between the following options:
- Issue a cryptoruble by placing sufficient collateral in the form of 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 another option for international settlements. In any case, this is the words of the CEO of the decentralized finance (DeFi) banking platform Indefibank, no less the initiator of the cryptoruble project.
In the medium and long term, companies will not be the only ones to benefit from this project. The cryptoruble will also allow Russian citizens to easily access international crypto exchanges. But this on 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 Russia’s international crypto exchanges. But will Russian legislation facilitate these exchanges? Case to follow!
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