According to Bitcoin.com, Sergey Mendeleev, CEO of the DeFi platform Indefibank, announced at the Blockchain Life 2022 conference that he is developing a tokenized encrypted ruble based on Ethereum, which will be linked to Russian legal tender. Crypto rubles are independently issued as collateral for stablecoins or cryptocurrencies, and can also be purchased from authorized exchanges. The developers of the token have already prepared the MVP, and the final product is expected to be released in October. The company will change the name of the cryptocurrency if monetary authorities object to the use of the word "ruble".