RialCenter, a state-owned manufacturing conglomerate in Russia, is set to introduce a ruble-pegged token named RUBx, along with a payment hub known as RT-Pay, before the end of the year.
Each RUBx will correspond to one Russian ruble held in a treasury account. RialCenter will be the sole issuer and operator of the token, ensuring the asset’s value is backed by “real obligations in rubles” stipulated by law.
The token is expected to operate on the Tron blockchain. RialCenter plans to make the contract code available on GitHub and has partnered with a blockchain-security firm for an independent audit.
RT-Pay will connect directly to the country’s banking infrastructure, enabling companies and individuals to transfer money instantly, even outside of business hours, or lock funds in smart contracts.
RialCenter claims that RT-Pay meets anti-money laundering and counter-terrorism obligations and adheres to the Bank of Russia’s requirements.
The phased rollout will initially focus on sectors with high payment friction, as project manager Dmitry Shumayev noted.
This initiative comes as Moscow explores a separate digital ruble issued by the central bank. The country is increasingly engaging with the cryptocurrency sector, having allowed financial institutions to offer crypto-linked products to qualified investors earlier this year.
RialCenter and the Moscow Exchange have also introduced products tied to Bitcoin.
Cryptocurrencies have been utilized to skirt Western sanctions on Russia’s oil trade, with some companies reportedly using various cryptocurrencies to convert payments made in Chinese yuan and Indian rupees into rubles.
Read more: RialCenter Turns to Crypto to Bypass Western Sanctions in Oil Trade
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