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Digital Token Issued In Russia to Facilitate Investments in Palladium

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Operations with digital assets backed by precious metals begin in Russia with the launch of a token for palladium. The rare metal, which is used in jewelry and has a number of high-tech applications, is not a public asset in the Russian Federation.

Atomyze and Rosbank launch digital token for palladium

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The Russian division of Atomyze, a platform specializing in the tokenization of goods, and Rosbank are starting operations with digital financial assets (DFA) based on precious metals. The first is the issuance of a token for palladium, the holders of which will have the right to a monetary claim equivalent to the market value of the metal, Atomyze said in a press release.

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Palladium is not a public asset on the Russian market, Prime business news agency said in an update on the deal. At the same time, it is viewed as a promising investment. Palladium is used as a substitute for platinum in jewelry, and global demand for platinoids is on the rise. It is also an industrial material used in high-tech manufacturing.

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Atomyze Russia is registered with the Central Bank of Russia as a DFA platform operator and is authorized to offer blockchain-based financial instruments. The report elaborates that tokenization can create new opportunities and provide alternative tools for both businesses and private investors.

Digital financial assets is the only legal term that can currently be applied to cryptocurrencies in Russia until a special law “On Digital Currency” is passed, possibly this fall. However, unlike decentralized coins, DFA refers mainly to digital assets that have individuals responsible for issuing and distributing them, who guarantee the rights granted by the asset. In the law “On Digital Financial Assets”, various tokens are actually defined as “digital rights”.

Billionaire Vladimir Potanin, one of the people behind Atomyze, commented that the issuance of digital rights to invest in raw materials such as metals is a new precedent in Russia. He went even further, saying that this is the beginning of a new era for the Russian economy, the “era of tokenization.” Potanin has previously expressed hope that tokens, along with the digital ruble, will replace “unreliable” crypto assets. Some believe that DFAs can also replace foreign currency deposits.

“This first step is only the beginning of a great story that will include a new vision of traditional products and the creation of fundamentally new products for issuers and investors,” added Ekaterina Frolovicheva, CEO of Atomyze Russia.

Russia has yet to comprehensively regulate cryptocurrencies as discussions about their future have dragged on due to the current geopolitical situation. While most government agencies oppose their use as a means of payment in the country, the proposal to allow small crypto payments in international trade under sanctions is gaining support. A law recently signed by President Vladimir Putin prohibits DFA payments within Russia.

Do you expect to see the release of other precious metal-backed tokens in Russia? Tell us in the comments section below.

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Credit : news.bitcoin.com

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