© Jakub Porzycki via Reuters Connect
MOSCOW – In an important development for Russia’s international trade, BrownRice Capital has announced the launch of Exved, a new electronic system designed to facilitate cross-border payments using stablecoins Tether (USDT). This initiative aims to provide Russian importers and exporters with a more efficient and cost-effective mechanism for global transactions.
Exved has received regulatory approvals from the Bank of Russia and the Federal Financial Supervisory Service, ensuring compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards. The launch of the system comes after successful internal testing and regulatory clearance as revealed by Sergey Mendeleev of InDeFi Smart Bank.
The platform is set to significantly reduce trading fees for users. Traditional international payment fees, which typically range around 6-7%, are cut to just 2-3% with Exved. This cost reduction represents a significant savings for businesses involved in foreign trade.
To further support B2B users, Exved partners with brokers and technical experts who provide comprehensive support, including help with transaction documentation and escrow services. The system is not limited to USDT; It also incorporates multiple currencies such as foreign rubles and USD for settlements.
The move follows an agreement confirmed by Russian authorities on September 22, 2022, Kommersant reports, allowing the use of cryptocurrencies in international trade. This agreement laid the foundation for platforms such as Exved to emerge, providing legal entities in Russia with an alternative means to engage in cross-border trade in a challenging economic landscape.
The introduction of Exved marks a progressive step forward in integrating digital assets into Russia’s financial ecosystem, potentially setting a precedent for other markets looking to adopt crypto solutions for international trade.
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