Russia’s Exved launches cross-border crypto payments with Tether’s USDT

[zasad@]

Welcome
https://exved.com/

https://coinjournal.net/news/russias-exved-launches-cross-border-crypto-payments-with-tethers-usdt/
"The platform supports Tether’s USDT stablecoin.
Exved has garnered regulatory approval from the Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation.
Exved, a Russian digital settlement exchange, has launched a cross-border payment service that enables local legal entities to conduct international settlements using Tether’s USDT stablecoin.

This groundbreaking move showcases a significant step forward in the intersection of traditional finance and the cryptocurrency landscape, offering a streamlined solution for Russian businesses engaged in global transactions."
___
Finally I saw a Russian crypto exchange!
All of the Russian crypto exchanges that were previously mentioned in criminal news were usually private exchangers that did not have registration.

I don’t know how this exchange works, but I don’t understand how they will try to avoid USDT blocking.

Another Russian crypto exchange
https://garantex.org/

[joniboini]

Are you referring to how Tether can block their address? Why would Tether do that though? Will the US government push them to do that just because a Russian company allows their users to trade USDT?

I think that would just give them a negative rep, unless the funds are being used for terrorism purposes or something similar. Then again I don't think Tether cares about reputation at all.

[avikz]

Are you referring to how Tether can block their address? Why would Tether do that though? Will the US government push them to do that just because a Russian company allows their users to trade USDT?

Yes! US can do that! US government is very good in putting sanctions on the entities that they don't like. So it is possible for the US government to come up with new regulations that may ban Russian exchanges to operate globally, or at least in their allies countries.

I think that would just give them a negative rep, unless the funds are being used for terrorism purposes or something similar. Then again I don't think Tether cares about reputation at all.

It is not a question of reputation. It is the question of a supreme leader that runs the globe from Washington DC. Anyone can be banned from anywhere by the supreme leader.

[yhiaali3]

It's good to see a Russian cross-border payment service outside US jurisdiction, but I don't see how they can avoid US sanctions as long as they use Tether's USDT stablecoin.

I'm surprised why they chose this stablecoin since Tether is on US soil and fully subject to its terms, they will block any transaction if the US government asks them to.

It would have been better if they had chosen another stablecoin that was decentralized or at least not subject to US laws, as Binance did when it chose the Hong Kong-based stablecoin FDUSD.

[zasad@]

It's good to see a Russian cross-border payment service outside US jurisdiction, but I don't see how they can avoid US sanctions as long as they use Tether's USDT stablecoin.

I'm surprised why they chose this stablecoin since Tether is on US soil and fully subject to its terms, they will block any transaction if the US government asks them to.

It would have been better if they had chosen another stablecoin that was decentralized or at least not subject to US laws, as Binance did when it chose the Hong Kong-based stablecoin FDUSD.

I don't understand it yet either. Representatives of the exchange know for sure about Tether’s blocking, which means it may be a closed market. Russian companies will indicate the USDT address of a partner abroad and send rubles to the exchange account, and the exchange will send USDT. It looks like a p2p exchange between organizations. But I'll look at the reviews later.

[joniboini]

It would have been better if they had chosen another stablecoin that was decentralized or at least not subject to US laws, as Binance did when it chose the Hong Kong-based stablecoin FDUSD.

Does this mean the US won't be able to touch them though? I won't be surprised if the US claims any stablecoin representing or claims to represent USD needs their approval, regardless if the issuer is a government or overseas business. Maybe they just think it is the same as accepting USD for their business, even though the US can track the bank account they can simply create and use a new one, although it doesn't remove the risk at all.

[yhiaali3]

Does this mean the US won't be able to touch them though? I won't be surprised if the US claims any stablecoin representing or claims to represent USD needs their approval, regardless if the issuer is a government or overseas business. Maybe they just think it is the same as accepting USD for their business, even though the US can track the bank account they can simply create and use a new one, although it doesn't remove the risk at all.

As long as stablecoins remain pegged to the dollar, the United States will be able to go after them, even if they are based in Hong Kong or any other country, but at least having the company's headquarters in a country outside the United States makes it not entirely subject to American terms.

The best solution is to have a decentralized stablecoins or one linked to a currency other than dollar.
Currently I don't see any stablecoins that are not tied to the dollar, so perhaps decentralized stablecoins are the only solution.

[zasad@]

The best solution is to have a decentralized stablecoins or one linked to a currency other than dollar.
Currently I don't see any stablecoins that are not tied to the dollar, so perhaps decentralized stablecoins are the only solution.

Decentralized stablecoins are tied to centralized stablecoins through collateral, if you look at the experience of DAI.
Everyone is already used to USDT, so Exved did not reinvent the wheel. Then perhaps there will be settlements with some countries through the digital ruble, but its mass implementation is planned for 2025. So far there is either limited use or planned implementation in some organizations.

[yhiaali3]

Decentralized stablecoins are tied to centralized stablecoins through collateral, if you look at the experience of DAI.
Everyone is already used to USDT, so Exved did not reinvent the wheel. Then perhaps there will be settlements with some countries through the digital ruble, but its mass implementation is planned for 2025. So far there is either limited use or planned implementation in some organizations.

Exved cannot be blamed, of course, because they want their services to be global and therefore they are forced to use a stablecoin that bears a global character, and the easiest and best option at the present time is USDT.

But here lies the problem, everyone is accustomed to USDT in the crypto community just as everyone was accustomed to using the dollar by all global banks and financial services before. This is what makes all of these services hostage in the hands of the United States. We see how the United States attacks these services and bans everyone who violates its policy.

So I was wondering, since Exved is a Russian platform, why doesn't it benefit from the digital ruble, for example, or will this make their services limited to certain countries only?

[zasad@]

Decentralized stablecoins are tied to centralized stablecoins through collateral, if you look at the experience of DAI.
Everyone is already used to USDT, so Exved did not reinvent the wheel. Then perhaps there will be settlements with some countries through the digital ruble, but its mass implementation is planned for 2025. So far there is either limited use or planned implementation in some organizations.

Exved cannot be blamed, of course, because they want their services to be global and therefore they are forced to use a stablecoin that bears a global character, and the easiest and best option at the present time is USDT.

But here lies the problem, everyone is accustomed to USDT in the crypto community just as everyone was accustomed to using the dollar by all global banks and financial services before. This is what makes all of these services hostage in the hands of the United States. We see how the United States attacks these services and bans everyone who violates its policy.

So I was wondering, since Exved is a Russian platform, why doesn't it benefit from the digital ruble, for example, or will this make their services limited to certain countries only?

The digital ruble is still at the implementation stage and most entrepreneurs and companies do not have access to it. 2024 will be the year of introduction of the digital ruble, and mass application is planned for 2025. But these are all just plans. In Russia this may take several years. So for now the exchange is using what is available.