According to Cryptonews, Rostec, a major Russian state-owned defense conglomerate, has found a way to bypass traditional banking systems. It has revealed its intention to introduce its RUBx stablecoin alongside RT-Pay, a specialized platform designed for cryptocurrency-based transactions.
The RUBx token, which maintains a 1:1 peg to the Russian ruble, will function on the TRON blockchain network.
In a July 3 company statement, Rostec indicated that both the stablecoin and RT-Pay platforms would function as secure payment mechanisms for commercial entities and retail users.
Rostec asserts that the platform operates in full compliance with Russian regulatory frameworks, including Central Bank requirements and anti-money laundering protocols designed to prevent terrorist financing.
“Each RUBx token is supported by genuine ruble-denominated obligations. This backing is legally secured. The token maintains a one-to-one ratio with the actual ruble. We plan to launch the system within this year, with Rostec acting as the primary operator,” stated Rostec Deputy General Director Alexander Nazarov.
Rostec has operated under comprehensive US sanctions since June 2022, implemented following Russia’s military invasion of Ukraine.
These restrictions, enforced by multiple nations, including the United States and European Union, target Rostec’s subsidiary companies and affiliated entities.
The sanctions seek to limit Russia’s military production capacity and its capabilities in weapons manufacturing.
Industry observers have characterized the RUBx stablecoin initiative as Russia’s strategic attempt to circumvent SWIFT, the international financial messaging system supervised by G-10 central banks, including the United States.
This interpretation gains credibility given that Russia’s Central Bank has explicitly stated in recent years that its primary objective in developing a digital ruble is to provide Russian corporations and financial institutions with “independence from SWIFT.”
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