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Cross-border payments with Tether stablecoin are made for the first time in Russia

One of Russia’s first cross-border payment platforms has officially announced its launch, claiming it will make it easier for local legal entities to process international cryptocurrency payments.
The launch was: announced from Exved, a local digital settlement platform that today calls itself Exved “digital equivalent search system” – Stating that Russian importers and exporters can take advantage of the business-to-business solution to simplify the process “Foreign exchange transactions and foreign economic activity”.
The Exved platform specifically allows you to carry out cross-border transactions using the Tether stablecoin (USDT) along with the offshore ruble and the US dollar, it says in the announcement.
β€œThe platform works only with legal entities in accordance with anti-money laundering and anti-terrorism measures.”Exved underlined, adding:

“The aim of the project is to help Russian legal entities make cross-border payments at minimum market rates without intermediaries.”

According to the announcement, Exved’s launch involved major industrial partners, including InDeFi Bank, which is launching its decentralized crypto ruble project in 2022.
InDeFi Smart Bank co-founder and CEO Sergey Mendeleev told Cointelegraph on Dec. 7 that Exved’s internal mechanisms have been tested and approved by the Central Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.

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“The project itself is of course generally a private initiative; it is primarily intended to show people that they can pay 2-3 percent instead of 6-7 percent, and to provide special mechanisms for the implementation of payment requests.”said Mendeleev.
As previously reported, as of September 2022, the Bank of Russia and the country’s Ministry of Finance have reached an agreement allowing cross-border payments in cryptocurrencies.

Translation by Walter Rizzo

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