Atomyze and Rosbank are working on issuing a digital token for palladium. The holders of this future digital token will have rights to a monetary claim equal to the metal’s market value. Palladium is not a public asset on the Russian market. However, the agency noted that it is viewed as a promising investment.
What is palladium?
Palladium is used as a platinum substitute in jewelry, and global demand for platinoids is increasing. In addition to high-tech manufacturing as an industrial material.
Atomyze is under registration with the Central Bank of Russia under a DFA platform. In addition to providing authorized blockchain-based financial instruments.
The agency specified that the digital token for palladium would open new doors and provide business and private investors opportunities.
Vladimir Potanin, one of the billionaires behind the Atomyze project, mentioned that issuing digital rights designed to allow investment in raw materials such as metals is a new practice in Russia. Potanin emphasized that this era is “the era of tokenization.”
The chief executive officer at Atomyze in Russia, Ekaterina Frolovicheva, said. “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.”
Russia has yet to fully regulate cryptocurrencies, as the current geopolitical situation has prolonged discussions about their future. While most government entities oppose their use as a payment method in the country, there has been a proposal to allow small crypto payments in international trade in the face of sanctions. President Vladimir Putin recently signed legislation prohibiting DFA payments within Russia.