Crypto:
29881
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Fear & Greed:
75 / 100
Bitcoin:
$ 68.531
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Russia is Starting to Cross-Border Crypto Payments!

russia commerces crypto payments

Russia has officially commenced cross-border payments through the digital payment platform named Exved. Aimed at facilitating local entities’ international agreements with cryptocurrencies, this platform was announced to have begun operations on December 7th.

Exved aims to simplify the “currency operations and foreign economic activity” processes for Russian importers and exporters by offering business-to-business (B2B) solutions. The platform enables cross-border transactions using offshore rubles, US dollars, and Tether stablecoin.

You might like: SEC Initiates Investigation into This Stablecoin!

Significant industry partners like InDeFi Bank, which launched the decentralized crypto ruble project last year, participated in the launch of Exved. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, stated that the Central Bank and the Federal Financial Monitoring Service of the Russian Federation have tested and approved the mechanics of Exved.

Mendeleev stated, “The goal of the project is to offer people a payment opportunity of 2-3% instead of 6-7% and to provide specific mechanisms to implement payment requests.”

Russia’s central bank and Ministry of Finance had reached an agreement in September 2022 allowing cross-border settlements in cryptocurrencies. This development emphasizes Russia’s progress in the digital economy and cryptocurrencies.

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