Russia Debuts Cross-Border Payments in Tether
Russian digital settlement platform Exved has launched, allowing local legal entities to process international settlements in cryptocurrency. The platform, which is a “digital counterparty search system,” simplifies the process of foreign exchange operations and foreign economic activity for Russian importers and exporters. It allows cross-border transactions using Tether stablecoin, the offshore ruble, and the U.S. dollar.
Exved works exclusively with legal entities in compliance with Anti-Money Laundering and Counter-Terrorist Financing measures, aiming to help Russian legal entities make cross-border payments without intermediaries at minimum market rates. The launch has involved major industry partners, including InDeFi Bank, which launched the decentralized crypto ruble project last year.
(With inputs from Shikha Singh)
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