The founder of the Garantex cryptocurrency exchange, Sergey Mendeleev, presented a project of a cryptoruble at the Blockchain Life forum, emphasizing that it has nothing to do with the state ruble of the Bank of Russia.
According to the founder of the Russian crypto exchange and CEO of InDeFi Smart Bank, the idea of the project is to create an ERC-20 standard token on Ethereum pegged to the Russian ruble. The token would serve as a stablecoin, like USDT and USDC, and would make it easier for Russians to access other cryptocurrencies.
Now for ordinary users, exchanging small amounts of fiat money for cryptocurrency means losing at least a few percent, and the process itself is still complicated and not fast enough, says Mendeleev.
“The introduction of a crypto-ruble, which will be fairly freely convertible anywhere in the Russian Federation and exchanged for a fiat ruble at a ratio of 1: 1, solves this problem a little more than completely,” said the founder of Garantex.
First of all, this is important for those involved in cryptocurrency arbitrage. It also provides easy and quick access to international crypto exchanges. Mendeleev noted that transactions with the crypto-ruble will be as simple as transactions with the dollar in the form of USDT.
The emission of the cryptoruble will be fully controlled by the smart contract, and the issue principle will be similar to DAI. That is, in order to issue a certain amount of crypto-rubles, it will be necessary to invest excess collateral in a smart contract, and the emission will be controlled by any auditor.
Also, according to Mendeleev, the cryptoruble will overcome the sanctions pressure on the Russian Federation, since its access to decentralized crypto exchanges (DEX) will allow every Russian to gain access to almost any international platform.
The founder of Garantex noted that despite many restrictions and sanctions, Western sites are very seriously interested in the Russian market and users. Mendeleev noted that the Russian market will still remain one of the largest in the world.
“I can’t reveal all the nuances, but I spoke at one time with both the Binance management and Huobi management, and I can say that they are very interested in getting, let’s say, a “decentralized cash desk” in Russia, allowing Russians to freely replenish their accounts and freely withdraw money from them. And if we manage to create such a model, then foreign exchanges will quickly and without unnecessary obstacles list our stablecoin,” he said.
There are no losers in this model, Mendeleev believes, it is convenient for everyone: the Russians will not suffer, trying to replenish their accounts on crypto exchanges, just like traders, and the trading platforms will have convenient access to the Russian market, which they will definitely use.
According to Mendeleev, the project already has a prototype, but the company needs to get feedback in order to understand whether such a development is necessary for the cryptocurrency community in Russia. The company is ready for any questions, remarks and comments from specialists and ordinary users.
Earlier, the Chairman of the Bank of Russia Elvira Nabiullina said that the digital ruble will be introduced only when the developers are sure that it is freely convertible into a cash or non-cash form of the ruble.