Russian state-run VneshaComputers has announced the launch of its first online currency.
Vnesheemax, the Russian equivalent of Bitcoin, was launched in early December.
The online currency allows individuals and businesses to transact their cash online in exchange for commodities.
The digital currency is a derivative of Russian ruble, the world’s most valuable currency, which was officially reintroduced in December 2018.
Vneshcoin was developed by VnesHomovsComputers, a subsidiary of the Russian state.
The Vneshexecomputers is based in St. Petersburg, and the company plans to open an office in St Petersburg in the next three months.
It is one of Russia’s top digital currencies.
According to Vneshemax’s website, it aims to provide an open platform for exchanging currency, with users able to trade, buy and sell virtual currency with others in real time.
The company says it aims “to serve as a new model for online payment and exchange of currencies”.
It has already received $4 million in investment from Russian billionaire Dmitry Rybolovlev and another $5 million from the state.
The state is also backing a digital currency platform, SAVEX, which allows Russian companies to trade digital currencies and exchange them in euros.VNESHEEMAX is Russia’s first digital currency.