Russian company first approval with Russia announced the transaction of a digital financial asset (DFA) involving the Chinese yuan, a foreign currency. Reportedly, the largest deal made under the current Russian DFA law covers the issuance of tokens protected by commercial debt.
His RMB 58 million digital financial assets issued by a Russian platform
You have completed the transaction. The deal included the issuance of his DFA worth 58 million Chinese yuan (approximately 516 million rubles or $8.26 million), which secured commercial debt.
It took place on a platform developed by Lighthouse, which was approved by the Bank of Russia in March as one of the “information system operators” authorized to manage digital financial assets. Russia’s largest bank Sber and tokenization service Atomyze were also registered.
While the Russian authorities are working to adopt a more comprehensive legal framework for all digital assets, including cryptocurrencies, the January 2021 “Regarding Digital Financial Assets Law” means a coin or token that has an issuer.
Moscow officials now want to legalize cryptocurrency payments in cross-border payments and expand the use of the ruble and the currencies of partner countries such as China in foreign trade. The main reason is to circumvent the restrictions imposed by the West over the war in Ukraine and reduce Russia’s dependence on the US dollar and the euro.
Lighthouse, quoted by Russian crypto news outlet RBC Crypto, noted that his DFA operation, the first involving foreign currencies, has become the largest placement in the digital financial asset market of its kind.
The maturity of the tokens issued is his 29 days, the interest rate is his 4%, the fintech company details, and his for short-term loans in rubles of 9-10% per annum. highlights the benefits of DFA. rate. The DFA also noted that it mitigates the issuer’s risk of loss due to currency fluctuations.
Denis Iordanidi, general director of Lighthouse, said the new financial product offers an opportunity to make cheap short-term investments without competing with the traditional bond market, which offers long-term financial investments. thinking about. He is ready to enter the DFA market as 37% of Russian companies are issuers, according to a survey conducted in November, the report added.
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