Rostec will launch the RUBx token on the TRON blockchain

What’s new? Rostec, the Russian state corporation for promoting the development, production, and export of high-tech industrial products, has announced the launch of a financial ecosystem with the RUBx token and the RT-Pay payment platform. According to a press release, this infrastructure will enable secure and efficient transactions of any scale for companies and individuals.

Press release

What else is known? RUBx is backed by rubles, and the token to real ruble ratio is 1:1. The asset is based on the TRON blockchain, which offers low fees and high throughput.

The code of the new asset will be audited by the IS company CertiK, which cooperates with the leading crypto exchanges OKX and PancakeSwap, after which it will be made publicly available on GitHub.

The asset will be able to be traded via a special website on mobile and computer. The team plans to list RUBx on major exchanges and add its support from popular crypto wallets.

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The RT-Pay platform is fully compliant with Russian legislation, Central Bank requirements, and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures. To ensure the security of the ecosystem, a part of the tokens will be distributed to the public.

RT-Pay will be embedded in the banking infrastructure, but will also allow for settlements in a digital environment with external wallets and smart contracts. The Rostec team noted that this feature distinguishes RUBx from the digital ruble, which can only be issued by the Bank of Russia and stored in special accounts.

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Alexander Nazarov, deputy general director of Rostec, noted that the project is aimed at strengthening the country’s digital financial sovereignty.

Dmitry Shumayev, the head of the RUBx project, said that the platform will be implemented in stages, taking into account the needs of various sectors of the economy and security issues of integration with the existing financial infrastructure.

“In the future, the ecosystem may become the basis for a number of innovative financial services and services,” Shumayev concluded.

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The state corporation back in September 2022 started developing a project to integrate cryptocurrencies into cross-border payments in order to reduce sanctions pressure on Russian companies conducting export and import transactions.