The former owner of the National Standard Bank of Russia, Alexander Lebedev, is planning to introduce a Ruble-backed Stablecoin on the Ethereum Blockchain.
Lebedev, who is also the publisher of U.K. newspapers The Independent and Evening Standard, is looking at tapping the decentralized finance (DeFi) startup he founded, InDeFi, for the project.
InDeFi’s co-founder and CEO Sergey Mendeleev confirmed the project at the Blockchain Life conference in Moscow.
Mendeleev noted, however, that the project has nothing to do with the Bank of Russia’s digital ruble as InDeFi’s crypto ruble will be decentralized.
The coin “will not only make it easier for Russian citizens to access international cryptocurrency exchanges, but also, after changes in legislation, provide transactions with foreign counterparties via crypto,” Mendelelev said.
One InDeFi token will strictly equal one ruble, Mendeleev said.
InDeFi was launched last year by Lebedev and Mendeleev as a facility offering loans in stablecoins.
Lebedev was a former officer in the Soviet Union’s KGB secret service.
He fell out of favour with President Vladimir Putin’s regime in 2008 after a small Russian newspaper he owned published a story saying Putin had an affair with the Olympic champion gymnast Alina Kabaeva.
Lebedev lost both his banking and publishing businesses in the country.