Dec 07, 2023

Russia Launches Cross-Border Payments with Tether Stablecoin Crypto Arena cross-border payments in Tether stablecoin debut in Russia.
Russia debuts cross-border payments in Tether stablecoin

Cross-Border Payment Platform Launches in Russia

Exved, a digital settlement platform that provides a business-to-business solution for Russian importers and exporters, has officially launched and is now allowing local legal entities to process international settlements using cryptocurrency. As part of the platform, users can settle payments in Tether (USDT) stablecoin, offshore ruble, and the United States dollar.

The platform emphasizes that it is compliant with Anti-Money Laundering and Counter-Terrorist Financing measures, and is designed to simplify foreign exchange operations and foreign economic activity. The launch of Exved marks one of the first cross-border payment platforms in Russia, and is expected to be a major development in the arena.

The announcement of the launch of Exved has been met with enthusiasm by the crypto community, as it is seen as a major development in the world of Moreover, it is expected to bring a new level of convenience to crypto users, with crypto alerts podcast and crypto us providing further information on the platform.

The launch of Exved is expected to be a major step forward in the world of web 3.0 search engine, and will likely be a major component of the future of digital payments.

Exved’s Launch Involves Major Industry Partners

Exved’s launch has been met with great success, with major industry partners such as InDeFi Bank, which launched the decentralized crypto ruble project in 2022, taking part. Sergey Mendeleev, co-founder and CEO of InDeFi Smart Bank, told Cointelegraph on Dec. 7 that the internal mechanics of Exved have been tested and approved by the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.

As Mendeleev stated, the project is a private initiative, intended to show people that they can pay 2–3% instead of 6–7%, and to offer specific mechanisms for implementing payment requests. In September 2022, the Russian central bank and the country’s Ministry of Finance reached an agreement allowing cross-border settlements in cryptocurrencies, such as Dash Crypto, Arena, ENS Crypto, Crypto.News, Crypto US, Crypto Alerts Podcast, and DYP Crypto.

Web 3.0, which is best described as a search engine, is also set to benefit from the agreement.

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