Latest news with #RUBx
Yahoo
08-07-2025
- Business
- Yahoo
Russia Creates Registry of Crypto Mining Equipment to Tighten Oversight
Russia's Ministry of Energy has compiled a registry of cryptocurrency mining equipment, a step officials say will help identify mining operations and bring them under new regulatory and tax rules. Deputy Energy Minister Petr Konyushenko told state news outlet RIA Novosti the list has been distributed to regions where mining activity is high. "The creation of such a register will allow for the precise identification of consumers using electricity for mining,' Konyushenko said, adding that the move is part of an effort to legalize the sector and curb unlicensed electricity consumption. The initiative comes after last year Russia made crypto mining legal in the country. Under the law, businesses and entrepreneurs must register with tax authorities to operate mining facilities. Private citizens can mine without registering, but only if they stay within government-set limits for electricity use. Regardless of size, all miners must report how much digital currency they produce to the tax service. The move is part of Russia's broader embrace of the crypto sector. Just last week, state-owned conglomerate Rostec, known for its role in the country's military-industrial complex, revealed plans to roll out a ruble-pegged token called RUBx.
Yahoo
05-07-2025
- Business
- Yahoo
Russian State Giant Rostec Plans Ruble-Pegged Stablecoin, Payment Platform on Tron: TASS
Russian state-owned manufacturing conglomerate Rostec, best known for its role in the country's military-industrial complex, plans to roll out a ruble-pegged token called RUBx alongside a payment hub dubbed RT-Pay before year-end. Each RUBx, according to state-owned news agency TASS, will represent one Russian ruble held in a treasury account. Rostec will run the token as the sole issuer and operator, anchoring the asset's value through 'real obligations in rubles' written into law. The token is set to be based on the Tron blockchain. Rostec intends to post the contract code on GitHub and has tapped blockchain-security firm CertiK for an independent audit, the report adds. RT-Pay will plug straight into the country's banking rails. That link lets companies and private citizens move money in seconds, even after business hours, or lock funds in smart contracts. Rostec says RT-Pay, which will be integrated with the country's banking rails, meets anti-money-laundering and counter-terrorism rules and complies with Bank of Russia requirements. A phased launch will target sectors with high payment friction first, then expand, RUBx project Dmitry Shumayev reportedly said. The project lands as Moscow tests a separate digital ruble issued by the central bank. The country has been warming up to the cryptocurrency space, with the Bank of Russia earlier this year allowing institutions to offer crypto-linked instruments to qualified investors. Russia's largest bank Sberbank and Moscow Exchange have already launched products tied to bitcoin (BTC). Cryptocurrencies have also been used to circumvent Western sanctions on Russia's oil trade. Reports suggest some Russian oil firms have used BTC, ETH, and some stablecoins to convert payments made in Chinese yuan and Indian rupees into rubles.
Arabian Post
04-07-2025
- Business
- Arabian Post
Rostec Readies Ruble‑Backed RUBx for National Roll‑out
Russian state-owned conglomerate Rostec is set to introduce RUBx—a stablecoin pegged directly to the ruble—and RT‑Pay, a payment platform, before the end of 2025. These innovations aim to empower businesses and individuals with secure and compliant digital transaction tools. RUBx will be launched on the Tron blockchain and strictly pegged 1:1 to the ruble, backed by legally governed obligations maintained in a treasury account. Rostec will act as the sole issuer, with the structure codified by law to ensure robustness and transparency. The smart-contract code is expected to be made available on GitHub and independently audited by CertiK, reinforcing compliance with Russian financial regulations. RT‑Pay, designed to integrate seamlessly with Russia's existing banking rails, will enable transactions outside standard banking hours and facilitate smart-contract functions. Rostec says it has built the platform to adhere to anti‑money‑laundering and counter‑terrorism financing norms and to satisfy all Bank of Russia requirements. ADVERTISEMENT A phased launch is anticipated, initially targeting sectors where efficiency gains can be rapidly realised before expansion to broader corporate and retail use. The move dovetails with Russia's broader strategy to enhance crypto infrastructure, including the central bank's separate digital ruble pilot and the recent authorisation for institutions to offer crypto-related investment products. Rostec, known for its significant role in defence and high-tech manufacturing, leveraged its credentials as a trusted state entity to assure users of RUBx's legitimacy. 'Each RUBx is backed by real obligations in rubles,' Rostec officials emphasise, underscoring the token's legal anchor. This initiative aligns with a trend of expanding digital payment solutions amid geopolitical and economic pressures. Russian financial institutions such as Sberbank and Moscow Exchange have already introduced crypto-linked offerings, and some state entities reportedly used crypto instruments to facilitate oil trade and bypass sanctions. Economists and fintech experts note that the introduction of state-backed digital infrastructure like RUBx and RT‑Pay marks a departure from pilot programs. They highlight the potential for stablecoins—with legal and technological safeguards—to provide a credible alternative to traditional payment systems. By utilising a blockchain infrastructure like Tron, Rostec leans on a mature ecosystem, which may support rapid adoption. Nevertheless, independent analysts caution that integration risks remain. They point to the need for robust cybersecurity measures, systemic risk controls, and interoperability standards with domestic and international payment systems. Successful implementation will require coordinated efforts among regulators, banks, and end users.
