MOSCOW (Sputnik) – Russian state corporation Rostec said on Thursday that by the end of the year it will launch its own token, dubbed RUBx, and a payment platform called RT-Pay, with both products created under the corporation’s digital transformation strategy.
«Rostec State Corporation is launching its own RUBx token and RT-Pay payment platform. The new financial IT-ecosystem has been created as part of the digital transformation strategy,» the statement read.
The new products are meant to facilitate secure and efficient financial transactions for both businesses and individuals. Rostec said that the new token differs from Russia’s Central Bank-issued digital ruble in its compatibility with external wallets or smart contracts.
Rostec said that RUBx is built on the Tron blockchain. The token’s code will be open-sourced on GitHub and audited by international cybersecurity firm CertiK.
«Each RUBx is backed by real obligations in rubles – this is legally fixed. The ratio of the token to the real ruble is one to one. The launch of the system is set for this year. Its operator is Rostec,» Rostec Deputy Director General Aleksandr Nazarov said.
The RT-Pay platform complies fully with Russian regulations, including Central Bank requirements and preventive measures of money laundering and terrorist financing by utilizing «cold» offline wallets and multi-layered protection for accessible tokens.
«The new platform will roll out in phases, taking into account the needs of various economic sectors. Special attention will be paid to security issues and integration with the existing financial systems. In the future, the ecosystem can underpin a number of innovative financial services,» RUBx Project Manager Dmitry Shumaev said.
Initially, RUBx will be available for purchase and sale through an online portal adapted for smartphones and PCs, with plans for listing on major exchanges and integration into popular crypto wallets.
