While Russian authorities have been working to adopt a more comprehensive
for all digital assets, including cryptocurrencies, the law “On Digital Financial Assets,” which was enforced in January of 2021, regulates some transactions with coins or tokens that have an issuer.and expand the use of the ruble and the national currencies of partners like China in foreign trade. The main reason is to circumvent restrictions imposed by the West over the war in Ukraine and reduce Russia’s dependence on the U.S. dollar and the euro.
Quoted by Russian crypto news outlet RBC Crypto, Lighthouse pointed out that the first DFA operation involving foreign currency has also become the largest placement of this kind in the country’s market for digital financial assets. The maturity of the tokens issued is 29 days and the interest rate is 4%, the fintech company detailed, highlighting the advantages of DFAs over short-term lending in rubles, which comes at a 9 – 10% annual rate. It also noted that DFAs reduce the risks for issuers of losses from currency fluctuations.
Lighthouse General Director Denis Iordanidi believes that the new financial instrument will provide an opportunity to make cheap short-term investments without competing with the traditional bond market that offers long-term financial investments. According to a survey conducted in November, 37% of Russian companies are ready to enter the DFA market as issuers, the report added.
Well, USDT sounds good for them
Okay, they can just start adopting USDT
Hey
This a historical event as approx. 516 million rubles (8.26 million USD) is the first deal done with a foreign digital financial asset secured by commercial debt.
care about ❤️