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In Russia, significant developments are taking place in the cryptocurrency market, with the launch of a cross-border payment platform named Exved. Company officials stated that legal entities in the country can now more easily handle international agreements with crypto assets.
Exved defines itself as a local digital payment platform and acts as a cryptocurrency counterparty search system that facilitates foreign exchange transactions and external economic activity processes for Russian exporters and importers through its B2B solution.
It is reported that the Exved platform allows cross-border transactions using offshore ruble, US dollar, and Tether stablecoin. It is emphasized that the platform works only with legal entities and complies with measures to prevent money laundering and terrorism financing.
Financial partners were included in the launch of Exved, while InDeFi Bank CEO Sergey Mendeleev stated that Exved’s internal operations were tested and approved by the Central Bank of Russia and the Federal Financial Monitoring Service. Mendeleev mentioned that the project is a private initiative aimed at offering people the opportunity to make payments at lower rates.
The Central Bank of Russia and the Ministry of Finance reached an agreement in September 2022 to allow cross-border payments with cryptocurrencies. Following this development, the Central Bank took significant steps towards the digital ruble project, and the pilot phase of the digital ruble is ongoing.
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