The Russian state manufacturing conglomerate Rostec, better known for its role in the country’s military-industrial complex, plans to deploy a ruble pie token called Rubx alongside a payment center nicknamed RT-Pay before the end of the year.
Each RUBX, according to the TASS public news agency, will represent a Russian ruble held in an account of the Treasury. Rostec will direct the token as a single issuer and operator, anchoring the value of the assets by “real obligations in rubles” written in law.
The token should be based on the Tron Blockchain. Rostec intends to publish the contract on GitHub and operated the company Blockchain-Security Certik for an independent audit, adds the report.
RT-PAY will connect directly to the country’s banking rails. This link allows companies and deprivals to move money in a few seconds, even after opening hours, or to lock funds in smart contracts.
Rostec claims that RT-Pay, who will be integrated into the country’s banking rails, responds to anti-whipping rules and the fight against terrorism and complies with the requirements of the Russian Bank.
A gradual launch will first target the high payment sectors, then the extension, the Rubx Dmitry Shumayev project would have declared.
The project landed while Moscow is testing a separate digital ruble issued by the Central Bank. The country has warmed up in the cryptocurrency space, the Russian Bank earlier this year allowing institutions to offer instruments linked to cryptography to qualified investors.
The largest bank in Russia, Sberbank and Moscow Exchange, have already launched products related to Bitcoin
.
Cryptocurrencies have also been used to bypass Western oil trade in Russia. The reports suggest that certain Russian oil companies have used BTC, ETH and certain stabbed to convert payments made to Chinese Yuan and Indian rupees in rubles.
Find out more: Russia turns into crypto to bypass Western sanctions in the oil trade: Reuters
