The first digital rights to gold in Russia were launched by Rosbank together with the operator of digital financial assets Atomize.
The volume of the pilot issue amounted to 170,000 rubles with a circulation period of three months.
According to the press service of the operator, the investor purchases digital gold at a discount of 2% to the current market value, determined on the basis of the Moscow Stock Exchange indicator. Upon repayment, the buyer receives the full current value of the precious metal or an ingot from the bank's vault. It is noted that the bars are stored during the circulation period and are redeemed in case of repayment in money.
Gold bars are provided by Rosbank, which purchases them from miners with payment in advance in the amount of their full value. At the same time, Rosbank manages the credit risk when paying miners in advance, and the interest rate included in the advance payment allows the issuing bank to sell bullion to investors at a discount.
"For the first time in the history of the Russian financial market, an investor will be able to receive gold bars upon repayment. This is a win-win product that is of interest to gold mining companies, issuing banks, and investors. Although this release is a pilot project, with scaling it up, I am sure that the final product will be in high demand. Perhaps this issue will be a turning point in the history of digital financial assets," commented Natalia Voyevodina, Chairman of the Board of Rosbank.
Alex Shishlo for Rough&Polished
