Stablecoin Backed by Palladium Released in Russia.
Atomyze, a tokenization platform supported by the Russian government, has just released its first digital asset, which is backed by palladium, in partnership with Rosbank, a local financial institution.
Atomyze has just completed its first issuance of a digital financial asset (DFA), which is the newly issued virtual currency. In February of 2022, the platform became Russia’s first legally recognized digital asset manager after obtaining registration from the country’s central bank.
It has been reported that Interros, a prominent Russian investment company, is behind both Atomyze and Rosbank. Vladimir Potanin, a prominent banker, was one of the co-founders of Interros.
This is a very important moment in history. According to what Potanin said in the announcement, individuals and companies in Russia now have the chance to make investments in this metal. He added that this occasion also marks the beginning of a new age in Russia’s economic history, which the oligarch refers to as the era of tokenization.
Potanin said:
“Unlike cryptocurrencies, industrial and other tokens are backed by physical assets, and the use of blockchain technology makes their transactions reliable, convenient, and transparent. The token will defeat the cryptocurrency, pushing it to the sidelines of the digital economy.”
In related developments, As reported by The Crypto Basic, Vladimir Putin, the President of Russia, not long ago signed a measure that makes it legal to prohibit the usage of cryptocurrencies across the whole nation. This indicates that cryptocurrencies cannot be used as payment for commodities being transferred, works being done, or services being provided.
Exchange operators now have the authority under the legislation to refuse to perform transactions that include the use of digital financial assets (DFAs) as payment. All types of digital assets are included in DFAs, including cryptocurrencies. Additionally, the law prohibits making payments using utilitarian digital rights (UDR).
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Source: https://thecryptobasic.com/2022/07/19/russia-announces-the-release-of-a-stablecoin-backed-by-palladium/?utm_source=rss&utm_medium=rss&utm_campaign=russia-announces-the-release-of-a-stablecoin-backed-by-palladium