Currently in beta testing, the trading platform plans to add the asset in the coming weeks. Once the tests are completed, users of the crypto ruble will have the opportunity to take part in an airdrop.
“The cryptoruble (not to be confused with the digital ruble from the Central Bank of the Russian Federation) is essentially a universal fiat replenishment code that can be used by absolutely any project, implementing its reception and issuance on its platform,” promises project ambassador Sergei Mendeleev.
The creators assure that the cryptoruble can be compared to the world’s most popular stablecoin, USDT from Tether. Transactions with the crypto ruble will be as simple as transactions with the dollar using USDT, which is highly popular among Russians.
The tokenized crypto ruble based on Ethereum serves as an independent payment tool, not dependent on the development of the central bank’s CBDC. The token is issued through a decentralized smart contract using the DAI model. The total volume of crypto ruble emissions will depend on collateral in dollar stablecoins such as USDT, USDC, and DAI.
“Cryptoruble is a non-profit project. Its creators do not receive any benefits, but it will significantly simplify the lives of those who frequently transfer fiat balances between crypto exchanges using their cards,” convinces Sergei Mendeleev.
The project development kicked off in September 2022. At that time, the creators highlighted that the cryptoruble would help mitigate the effects of sanctions on the Russian Federation, as access to decentralized crypto exchanges (DEX) would give Russians the possibility to access nearly any international crypto platform.
Meanwhile, the Russian authorities are actively promoting the state digital currency. Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, stated that the digital ruble will undergo testing for budget payments sometime this year.