Russia launches stablecoin backed by palladium


A token backed by palladium is being launched in Russia to enable transfers of digital assets. The metal, which is used for jewelry and high-tech applications, does not exist as a publicly accessible asset in the country.
In February 2022, Atomyze received its registration from the central
bank as Russia's first legal digital asset manager, backed by a sanctioned
Russian oligarch. In a new move, Atomyze's Russian unit and Rosbank's digital
financial asset (DFA) division are trading precious metals-based digital
financial assets.
Interros, an investment firm, and conglomerate founded by sanctioned
oligarch Vladimir Potanin backs both Atomyze and Rosbank.
A dedicated law on digital currency is likely to be enacted in Russia
soon, so digital financial assets are the only term that can be used to
describe cryptocurrencies. As opposed to decentralized coins, digital financial
assets are those issued by entities that guarantee the rights attached to the
currency.
As one of the people behind Atomyze, Russian billionaire Vladimir
Potanin said it's a new precedent for Russian investors.
He went further by adding, “This first step is just 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.”
Furthermore, Potanin is very confident that cryptocurrencies like
Bitcoin (BTC) might soon be replaced by digital assets like the palladium
token.
In light of the geopolitical situation, Russia has not yet been able to
regulate cryptocurrencies effectively. A law recently signed by President
Vladimir Putin bans DFA payments within Russia, but a proposal to allow small
crypto payments in international trade has gained support.

Pavan A
CBW - External Analyst
INDIA