Russian millionaires are working on Ethereum-based tokenized cryptoruble for cross-border payments

Russian millionaires Alexander Lebedev and Sergey Mendeleev are working on a new cryptocurrency project that includes an Ethereum-based tokenized crypto ruble.

Lebedev, the former owner of Russia’s National Standard Bank and editor of UK newspapers The Independent and Evening Standard, founded the decentralized finance (Defi) startup InDeFi, which plans to launch cryptocurrency. It is a ruble-backed stablecoin on the Ethereum blockchain, which they claim will improve Russia’s access to global cryptocurrency exchange platforms and can be used for cross-border payments.

“A tokenized cryptoruble will not only make it easier for citizens of the Russian Federation to access international crypto exchanges, but also, subject to legislative changes, settle settlements with foreign counterparties on cryptocurrencies,” InDeFi co-founder and CEO Sergey Mendeleev said recently at the Blockchain Life conference in Moscow.

Mendeleev has been a household name in the crypto world since he founded crypto exchange Garantex, which was sanctioned by the US Treasury. InDeFi’s ruble-backed stablecoin is issued via a decentralized smart contract with excess collateral, based on the DAI stablecoin model. It is pegged to the national currency of Russia at a ratio of 1:1.

“The user can either independently issue a cryptoruble by placing sufficient collateral in the form of stablecoins or cryptocurrency on the balance of a smart contract, or buy it for fiat from one of the authorized exchanges,” Mendeleev said.

The total Cryptoruble supply will depend on the amount of collateral, which InDeFi estimates could range from 5 to 10 billion rubles, or roughly $82 to $160 million. However, the team clarified that cryptoruble is independent of the CBDC that Bank of Russia is currently working on.

Lebedev is a former KGB intelligence officer but had a falling out with Russian President Vladimir Putin in 2008 after a small Russian newspaper he owned reported a story about the president’s affair with Alina Kabaeva, an Olympic gymnastics champion. The businessman not only lost his publishing house, but also his banking business in Russia.

In April, Lebedev was quoted as saying that he investigates fraud in traditional banking and sees cryptocurrency as a way to bypass the corrupt banking system. InDeFi has yet to announce the cryptocurrency launch schedule, but noted that it has released a trial version of the coin for testing and feedback.

Related Articles Russian millionaires are working on Ethereum-based tokenized cryptoruble for cross-border payments

Fry Electronics Team

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