โ€˜Token will defeat cryptocurrencyโ€™: Russia debuts palladium-backed stablecoin

The Russian government-backed tokenization platform Atomyze has issued its first digital asset backed by palladium in collaboration with the local bank Rosbank. Rosbank officially announced on July 18 that it became the first partner of the Russian blockchain firm Atomyze, acting as an investor in Russiaโ€™s first digital asset deal with palladium. According to the announcement, the newly issued digital asset is the first digital financial asset (DFA) issued through Atomyze. The platform obtained registration from the Bank of Russiaย in February 2022, becoming the countryโ€™s first legal digital asset manager.…

Russia’s Richest Man Set to Develop a Palladium-backed Cryptocurrency

Photo: Wikimedia Commons While Russia has been struggling to introduce crypto regulations, the countryโ€™s richest man has come forward with a new proposal. Vladimir Potanin, the Russian billionaire has proposed to launch new crypto tokens pegged to the precious metal of palladium. The concept of stablecoins i.e. a crypto token backed by fiat currencies is getting more popular these days. Thus a digital currency backed by a precious commodity can likely be a good consideration. Also, the tokenization of commodities would make it easy to trade them globally. As reported…

Russiaโ€™s Richest Man Set to Develop a Palladium-backed Cryptocurrency

While Russia has been struggling to introduce crypto regulations, the countryโ€™s richest man has come forward with a new proposal. Vladimir Potanin, the Russian billionaire has proposed to launch new crypto tokens pegged to the precious metal of palladium. The concept of stablecoins i.e. a crypto token backed by fiat currencies is getting more popular these days. Thus a digital currency backed by a precious commodity can likely be a good consideration. Also, the tokenization of commodities would make it easy to trade them globally. As reported by Bloomberg, Potanin…