Russia has launched a new payments platform called Exved, which aims to facilitate cross-border payments and foreign trade activities for domestic companies. The platform allows Russian entities to conduct international transactions more affordably using stablecoins like Tether, foreign currencies, and offshore rubles. Exved serves as a digital counterparty search system, eliminating the need for middlemen and reducing transaction costs. It has been tested and approved by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation to ensure compliance with anti-money laundering and counter-terrorist financing measures.
This initiative is part of Russia’s broader move towards embracing cryptocurrency for international transactions. The country has seen a significant increase in crypto transactions, with the number of cryptocurrency transactions tripling in 2023 compared to the previous year. This surge in interest may be due to the economic challenges and sanctions faced by Russia, as well as the potential of cryptocurrencies as an alternative means of transaction.
Russia has been actively working on establishing a legal framework for cryptocurrencies and has shifted towards a decentralized model involving private companies setting up crypto trading platforms supervised by the Central Bank of the Russian Federation. The Russia-Ukraine war has accelerated interest in cryptocurrencies within Russia, as they are seen as a potential tool to circumvent international sanctions and maintain financial operations.
However, the increase in crypto transactions has also led to a rise in illicit cryptocurrency transactions. The Russian Federal Service for Financial Monitoring has launched a software system called Transparent Blockchain, in collaboration with Russia’s VTB Bank, to track and investigate suspicious transactions.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇺🇦 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Rosfinmonitoring, InDeFi Bank, Federal Financial Monitoring Service of the Russian Federation, Bank of Russia, Central Bank of the Russian Federation |
| Currencies | Tether, Russian Ruble, US Dollar |
| Securities | None |
