Russian developers working on a tokenized cryptoruble to be used in cross-border trade.
Developers are working on a “cryptoruble” that, as they say, can improve Russians’ access to global exchanges and be used for cross-border payments. Defi platform Indefibank, which is behind the project, says the token will be pegged to the national fiat but independent from a state-issued digital ruble.
The plan is to issue the token through a decentralized smart contract with excess collateral, or based on the model employed by the DAI stablecoin, the executive explained. Its exchange rate with the Russian ruble will be 1:1. Quoted by the crypto news outlet Forklog, Mendeleev detailed: A 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 purchase it from an authorized exchanger for fiat.
The total supply will directly depend on the amount in collateral. Indefibank estimates the size of the potential market among private individuals at between 5 and 10 billion rubles . The cryptoruble developers expect other members of the crypto community to join the initiative and see the project becoming an independent decentralized autonomous organization (
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