Russian state-owned giant Rostec plans ruble-linked stablecoin and settlement platform on Tron: TASS | CoinDesk JAPAN

• The Russian state conglomerate Rostec plans to introduce the ruble-linked token "RUBx" and the Settlement hub "RT-Pay".
• RUBx is based on the Tron blockchain and is expected to be issued and operated by Rostec.
• This project was planned as Russia continues its research and implementation of crypto assets (virtual currencies), including a pilot program for another digital ruble issued by the central bank.

According to the state news agency TASS, 1RUBx represents 1 ruble held in a Treasury account. Rostec operates this token as the sole issuer and operator, fixing asset value through the legally defined "ruble-denominated substantive obligations."

This token is expected to be based on the Tron blockchain. Rostec intends to post the contract code on GitHub and has reportedly requested an independent audit from the blockchain security company CertiK.

RT-Pay is directly connected to the Russian banking system. This connection allows businesses and individuals to move funds in seconds, even outside of business hours, or to lock funds in smart contracts.

According to ROSTEC, RT-Pay, which is scheduled to be integrated into the Russian banking system, clears the regulations for anti-money laundering and counter-terrorism, and also complies with the requirements of the Central Bank of Russia.

Dmitry Shumayev of the RUBx project was reported to have stated that they will first target areas with high settlement friction through a phased implementation, and then expand thereafter.

This project takes place during the period when Russia is conducting a trial operation of another digital ruble issued by the central bank. Russia is active in the field of cryptocurrency, and this year, the Bank of Russia has allowed institutions to offer cryptocurrency-related products to qualified investors.

Russia's largest bank, Sberbank, and the Moscow Exchange have already launched products linked to Bitcoin.

Cryptocurrencies are also being used to evade Western sanctions on Russian oil transactions. According to reports, some Russian oil companies are using Bitcoin (BTC), Ethereum (ETH), and some stablecoins to convert payments made in Chinese yuan and Indian rupees into rubles.

| Translation & Editing: Rina Hayashi | Image: Artem Beliaikin/Unsplash ｜Original: Russian State Giant Rostec Plans Ruble-Pegged stablecoin, Payment platform on Tron: TASS