Sergey Mendeleev: “We are looking for a three-letter ticker for the cryptoruble”

The creators of the cryptoruble are preparing to launch a stablecoin pegged to the value of the Russian national currency. So far, listing has been promised on the ABCex.io exchange, but there are five more sites. Now those involved in the launch are discussing the ticker of the future token and reject all comparisons with the digital ruble of the Central Bank of the Russian Federation, the project headliner, executive director of InDeFi Smart Bank Sergei Mendeleev explained to Bits.media.

— Sergey, how and what exactly will the stablecoin-crypto-ruble be backed by?

— Collateral will take place according to the DAI model in the form of the top 3 stables USDT, USDC and DAI themselves. For now, we have decided to abandon collateral in the form of wrapped bitcoin or ether — due to possible difficulties with liquidators in the developing system. We'll probably come back to this issue later..

— On what other platforms, besides ABCex.io, are you planning to list the crypto ruble? Who are you negotiating with? Perhaps with CommEX, the successor to Binance?

— Currently, at least five exchanges are negotiating listings, including one exchange from the global top 20. But, according to the conditions, I cannot name them yet. I can only promise that you will learn the news as soon as specific agreements are reached.

— Who owns the ABCex.io exchange that has just appeared on the market? Can we say that she is Russian? Does it accept rubles for payment? When did it start operating, how is it different from other platforms? In which jurisdictions is he authorized to work?

— The exchange belongs to people who have been working in the crypto-fiat exchange industry for a very long time and came here before me. I know them well and can give the best recommendations.. The company is registered in Georgia, has a Georgian crypto license and plans to operate in several markets. We decided to start with Russia — as the largest market in the CIS and Europe. It is logical that fiat cash desks were immediately opened to accept and issue cash rubles. The main difference today is working with crypto-rubles. In the future, mechanisms such as margin trading in ruble pairs, exchange of Monero and TON coins for rubles, acceptance and payment of funds through debit cards, and a branch network for replenishing and withdrawing fiat balances will be presented..

— Crypto ruble ticker — can you name it?

— We are still arguing about the ticker, either CRUR or CRUB. We will decide in the near future, if someone offers an original three-letter one — why not?

— You mentioned a contract on the Ethereum network, but “with forwarding to TRX” — that is, soon the crypto ruble will be available on the Tron network?

— Yes, the main contract is on the Ethereum network, but since most exchange operations now take place in TRX, it is logical to forward the issue to this network. There’s probably no point in making a separate contact, but let’s see how everything goes in test mode.

— Aren’t the people working on the issue of the cryptoruble and the sites working with it afraid of becoming, in fact, restricted from traveling abroad? Because I immediately remember the BTC-e exchange with btc-e codes and the story of the arrests of Bitzlato exchanger employees.

— Well, I’m not afraid of anything anymore (for known reasons). Actually, that’s why I’m fronting both projects. There is no secret about the participation of other people here, but no one is going to shout at every corner either. We are not doing anything illegal and we are definitely not violating any regulations.. If anyone suddenly has any questions or complaints, I'm always ready.

— Why did they decide to launch the cryptoruble not anonymously, simply by posting the corresponding contract on the network?

— Precisely because I don’t think the idea requires any kind of anonymity or subpolization. I am always ready to answer with my name for any project that I implement, and the cryptoruble is no exception. So far I have not heard a single point of Russian or foreign law that would violate the existence of our project.

— Cryptoruble, in fact, looks like a competitor to the digital ruble of the Bank of Russia. Don't you expect, for example, administrative pressure to get rid of your competitor?

— There will be no competition between the digital ruble and the crypto ruble. To put it very briefly, these are not just different things, but diametrically opposed ones, having nothing in common with each other — except for the word “ruble” in the name. Cryptoruble is a full-fledged crypt on well-known blockchains. But I personally don’t know what technical solution the digital ruble of the Central Bank of the Russian Federation is based on — but it definitely has nothing to do with crypto, believe me.

You cannot use the digital ruble to replenish the balances of crypto exchanges, but the crypto ruble is primarily intended for this. The digital ruble is controlled by the state, and the crypto ruble is a smart contract. The issue of digital rubles is carried out by the Central Bank and it is not limited. Cryptocurrencies, again, are printed by a smart contract and ONLY backed by other dollar stables.

Your digital ruble can be blocked on your wallet at any time, but the crypto ruble smart contract does not provide for such an opportunity, as in DAI, for example. Therefore, the cryptoruble is the choice of true cryptan, since it is essentially a universal fiat replenishment code that can be used by absolutely any project, implementing reception and issuance on its platform.

Cryptoruble is a non-profit project, its creators, I insist once again, do not receive any benefit. But it should seriously make life easier for everyone who constantly transfers fiat balances between crypto exchanges through their cards, since now it will take a few seconds without the risks associated with money laundering laws and scammers. And cash can be obtained at the cash desk of any project working with crypto ruble.