Rosbank Demonstrated First Digital Gold Exchange Transaction in Russia Using Digital Rubles

Rosbank demonstrated the first digital gold exchange deal in Russia using digital rubles.

According to the bank it involved “the exchange of tokenized gold between two parties using innovative distributed ledger technology (blockchain) to ensure the security and continuity of the process.”

The project was “implemented jointly with the Atomize platform.”

In order to become an investor or issuer on the CFA platform, the user “needs to register, which is available in the mobile and web versions of the application.”

Information about the transfer of ownership of the CFA will “be displayed in the personal accounts of the investor and issuer, and the token will be stored in a special registry.”

The investor “places a trade offer for the sale of CFA in the required volume, and the potential buyer accepts it.”

After the conclusion of the transaction, the buyer “settles with the investor in digital rubles.”

The transfer of ownership of the CFA and the fact of payment are “reflected in the personal accounts of the investor and the buyer.”

This transaction demonstrates “the growing interest in digital financial assets and the need for reliable and secure solutions for these transactions, including the ability to pay for them with a new form of Russian national currency, the digital ruble.”

Rosbank strives “to provide its clients with the highest level of security and user experience, and the demonstration of this transaction is only confirmation of this desire.”

Olga Makhova, Director of Innovation and Data Analysis at Rosbank, said:

“We are very pleased to have played a key role in this successful digital gold deal, providing synergy between two innovative projects based on distributed ledgers, the CFA platform and the digital ruble platform. The growing proliferation of digital assets highlights the need for secure and efficient solutions, and Rosbank is proud to be at the forefront of this rapidly evolving industry.”

Rosbank will continue “to invest in and develop innovative solutions for digital financial assets and will strive to provide its customers with the best possible experience.”

Rosbank is a Russian universal bank. In October 2020, Rosbank reportedly “ranked 11th among Russian banks in terms of assets.”

Legally, Rosbank is “registered as a public joint-stock company and headquartered in Moscow.”

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