The Russian state-owned manufacturing conglomerate of prostec, best known for its role in the country’s military-industrial complex, plans to roll a ruble-peg token called Rubx together with a payment center called RT-salary before the end of the year.
Each RUBX will, according to state -owned news agency Tass, represent a Russian ruble held at a treasury. Rostec will run the token as the only issuer and operator and anchor the value of the asset through “real obligations in rubles” written in the law.
The token is set to be based on Tron blockchain. ROSTEC intends to place the contract code on GitHub and have utilized the blockchain security company Certique for an independent audit, the report adds.
RT-Pay is connected to the country’s banking rails. This link lets businesses and private citizens move money in seconds, even after opening hours or lock funds in smart contracts.
Rostec says RT-Pay, which will be integrated into the country’s banking rails, meets the rules against money-whitening and terrorism and complies with the Bank of Russia requirements.
A phase launch will first target high payment friction sectors and then expand, Rubx Project Dmitry Shumayev said.
The project lands as Moscow tests a separate digital ruble issued by the central bank. The country has warmed up to the Cryptocurrency Room, where Bank of Russia earlier this year allowed institutions to offer crypto-formed instruments to qualified investors.
Russia’s largest bank Sberbank and Moscow Exchange have already launched products tied to Bitcoin
.
Cryptocurrencies have also been used to bypass Western sanctions against Russia’s oil trade. Reports suggest that some Russian oil companies have used BTC, ETH and some stableecoins to convert payments made in Chinese yuan and Indian rupees to rubles.
Read more: Russia turns to Krypto to bypass Western Sanctions in Oil Trade: Reuters
