Russia launches cross-border payments with Tether stablecoin
It has officially announced the launch of one of the first cross-border payment platforms in Russia and said it will facilitate the processing of international settlements in cryptocurrency by domestic legal entities.
Exved, a local digital settlement platform – which describes itself as a “digital companion search system” – announced the launch on December 7, which Russian importers and exporters can now use to facilitate a business-to-business (B2B) solution. Proceedings of “Foreign Exchange Operations and Foreign Economic Activities”.
Exved's platform will enable cross-border transactions to continue, especially with the offshore ruble and the US dollar using the Tether (USDT) stablecoin, the announcement reads.
“The platform only works with legal entities in compliance with anti-money laundering and anti-terrorist financing measures,” Ekved added.
“The goal of the project is to help Russian legal entities make cross-border payments at the lowest market rate without intermediaries.”
According to the announcement, the Ekved startup involved major industry partners, including Indefini Bank, which unveiled its decentralized crypto-ruble project last year.
Indefi Smart Bank founder and CEO Sergey Mendeleev told Cointelegraph on December 7 that Xvid's internal mechanics have been tested and approved by the Central Bank and the Federal Financial Supervisory Service of the Russian Federation.
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“The project itself is generally a private initiative; first of all, it is intended to show that people can pay 2-3% instead of 6-7%, and to provide special methods for implementing payment requests,” said Mendeleev.
As previously reported, the Central Bank of Russia and the country's Ministry of Finance have reached an agreement to allow cross-border settlements in cryptocurrencies by September 2022.
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