Russia debuts cross-border payments in Tether stablecoin
One of Russia’s first cross-border payment platforms has officially announced its launch and says it will facilitate local legal entities to process international settlements in cryptocurrency.
Exved, a local digital settlement platform — which describes itself as a “digital counterparty search system” — announced the launch on Dec. 7, stating that Russian importers and exporters can now use its business-to-business solution to simplify the process of “foreign exchange operations and foreign economic activity.”
The Exved platform specifically allows one to proceed with cross-border transactions using the Tether (USDT) stablecoin alongside the offshore ruble and the United States dollar, the announcement reads.
“The platform works exclusively with legal entities in compliance with Anti-Money Laundering and Counter-Terrorist Financing measures,” Exved emphasized, adding:
According to the announcement, Exved’s launch has involved major industry partners, including InDeFi Bank, which launched the decentralized crypto ruble project in 2022.
InDeFi Smart Bank co-founder and CEO Sergey Mendeleev told Cointelegraph on Dec. 7 that Exved’s internal mechanics have been tested and approved by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.
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“The project itself, of course, is generally a private initiative; it is intended, first of all, to show people that they can pay 2–3% instead of 6–7% and to offer specific mechanisms for implementing payment requests,” Mendeleev said.
As previously reported, the Russian central bank and the country’s Ministry of Finance reached an agreement allowing cross-border settlements in cryptocurrencies in September 2022.
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