Digital Assets Worth 2 Billion Rubles Issued in Russia in Less Than a Year – Bitcoin News
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In a move that highlights the growing importance of digital assets, it has been revealed that Russia has issued digital assets worth 2 billion rubles (approximately $25.4 million) in less than a year. The news was reported by Bitcoin News on December 10, 2020.
According to the report, the digital assets were issued using blockchain technology, with the aim of providing a more efficient and secure way of managing financial transactions. The assets were reportedly issued by the country’s National Settlement Depository (NSD), which is a subsidiary of the Moscow Exchange.
The digital assets, which are known as “digital rights,” represent ownership of shares in a large Russian retail chain called Dixy. This means that investors can buy and sell shares in Dixy using the digital assets, rather than having to go through traditional financial institutions.
The Dixy digital rights were reportedly first issued in January 2020, and since then, they have been traded on the Moscow Exchange. The success of the project has led to other Russian companies exploring the possibility of issuing digital assets.
The use of digital assets is seen as a way of promoting greater transparency and efficiency in financial transactions, particularly in emerging markets such as Russia. It is also seen as a way of reducing the costs associated with traditional banking and financial intermediaries.
The NSD has been at the forefront of promoting the use of blockchain technology in Russia, and it is currently working on a range of blockchain-based projects, including a digital identification system and a platform for managing client data.
The issuance of digital assets by the NSD is also seen as a way of promoting Russia’s broader ambitions in the field of fintech. The country has long been interested in developing its fintech sector and becoming a global leader in the field.
The success of the Dixy digital rights project is also likely to attract the attention of other countries and financial institutions around the world, who are looking at ways of harnessing the potential of blockchain technology to streamline and secure financial transactions.
Overall, the issuance of digital assets worth 2 billion rubles in less than a year is a significant milestone for the fintech sector in Russia, and it is expected that the use of blockchain technology will continue to grow in importance in the years to come.
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