Key Takeaways:
- RUBx stablecoin, backed 1:1 by the Russian ruble, aims to provide secure digital payments.
- The RT-Pay platform will integrate with banks and smart contracts, enhancing transaction efficiency.
- Built on Tron and audited by CertiK, the initiative ensures transparency, legal compliance, and user trust.
Russian state-owned tech conglomerate Rostec is developing a ruble-backed stablecoin dubbed RUBx Token, alongside a new digital payment platform called RT-Pay. Slated for launch later this year, this project aims to modernize Russia’s financial infrastructure with blockchain-based, legally compliant solutions.
RUBx will be pegged 1:1 to the Russian ruble and backed by real fiat reserves, providing users with a secure and transparent digital currency. Managed entirely by Rostec, the token is designed to simplify and safeguard both consumer and business transactions.
Built on Tron Blockchain, Audited by CertiK
RUBx will operate on the Tron blockchain, known for its fast transaction speeds and scalability. Tron’s public infrastructure ensures transparency and traceability, reducing the risk of fraud and illicit activity.
To ensure reliability and security, CertiK, an internationally respected blockchain auditing firm, will review RUBx’s source code. This code will be openly published on GitHub, enhancing trust among developers and users.
This integration of third-party auditing and open-source principles signals Rostec’s commitment to creating a trustworthy stablecoin ecosystem, all while adhering to Russia’s stringent financial regulations.
Full Legal Compliance with Russian Regulations
According to Rostec, both RUBx and RT-Pay will operate under the guidelines of the Central Bank of Russia, specifically targeting compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
Also Read: VanEck Confirms China and Russia Use Bitcoin for Energy Transactions: A Shift in Global Trade
Dmitry Shumayev, project lead for RUBx, emphasized that the platform’s step-by-step rollout will cater to various industries while ensuring seamless integration with existing Russian banking systems. The ultimate goal is to provide a safe, efficient, and legally compliant method for handling digital payments within the country and beyond.
A Step Toward Russia’s Digital Financial Future
By harnessing the power of blockchain and aligning with national law, Rostec aims to push forward Russia’s digital transformation in finance. The initiative could also foster new fintech innovations, creating a more robust, flexible, and modern payment infrastructure.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
