The Russian state-state manufacturing conglomerate, better known for its role in the country’s military-industrial complex, plans to launch a Rubx-called Rubx card along with a payment center called RT-Pay before the end of the year.
Each Rubx, according to the state news agency Tass, will represent a Russian ruble held in a treasure account. Rostc will execute the Token as the only issuer and operator, anchoring the value of the asset through “real obligations in rubles” written by law.
The Token will be based on the tron block chain. Rostc intends to publish the contract code in Github and has taken advantage of the Blockchain Cetik security firm for an independent audit, adds the report.
RT-Pay will connect directly to the country’s bank rails. This link allows private companies and citizens to move money in seconds, even after business hours, or block funds in intelligent contracts.
Rostc says that RT-Pay, which will be integrated with the country’s bank rails, meets the money laundering and anti-terrorism rules and meets the requirements of the Russia Bank.
A gradual launch will go to the sectors with high payment friction first, then it will expand, according to the reports, the Rubx Dmitry Shumayev project.
The project lands as Moscow proves a separate digital ruble issued by the Central Bank. The country has been heating up to the cryptocurrency space, with the Russian bank earlier this year, allowing institutions to offer instruments linked to cryptocurrencies to qualified investors.
The largest bank in Russia, Sberbank and Moscow Exchange, have already launched products linked to Bitcoin
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Cryptocurrencies have also been used to avoid Western sanctions in Russia’s oil trade. The reports suggest that some Russian oil companies have used BTC, ETH and some stable to make payments made into Yuan and Indian Chinese rupees in rubles.
Read more: Russia uses cryptography to avoid western sanctions in oil trade: Reuters