Russian Entrepreneur Alexander Lebedev Readies Ruble Stablecoin

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Russian Entrepreneur Alexander Lebedev Readies Ruble Stablecoin
  • Alexander Lebedev plans on introducing a stable coin backed by the Ruble.
  • ‘InDeFi has nothing to do with the Russian ruble,’ says Mendeleev, InDeFi CEO.
  • Just like any other DeFi platform InDeFi needs new forms and apps: according to Mendeev.

Russia’s National Standard Bank’s former owner and publisher of UK newspapers The Independent and Evening Standard, Alexander Lebedev, is planning on introducing a stablecoin backed by the ruble which follows the DAI model.

While speaking at the Blockchain Life conference in Moscow, Sergey Mendeleev, who is also the co-founder and CEO of  InDeFi, said that the venture will be based on Ethereum blockchain technology. InDeFi is the decentralized finance project started by Lebedev through which they plan to introduce the stablecoin.

Furthermore, according to what has been reported, Mendeleev noted that the project has nothing to do with Russia’s digital ruble. While explaining that InDeFi’s crypto ruble will be decentralized, Mendeev said that a minimum viable product was available for testing and to receive feedback. One InDeFi token will be equal to one ruble, said Mendeev.

Addressing the gathering at Blockchain Life Conference, Mendeev said:

[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.

Crypto rubles will be issued by a decentralized smart contract with over-collateralization. MakerDAO’s DAI algorithm enables users to lock ether in smart contracts and take out loans in DAI. The loan will be backed by the ether collateralized in the smart contract escrow.

Moreover, Mendeleev shared his insights and said that InDeFi was not performing well and as a result, just like all falling DeFi projects would need, InDeFi too needed new forms [of business] and apps.

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