Digital Gold Traded for Digital Rubles by Russia’s Rosbank – Finance Bitcoin News

Rosbank conducts Russia’s first sale of digital gold for digital rubles.

Rosbank has brokered Russia’s first deal involving the exchange of tokenized gold with the digital version of the Russian ruble.

full launch expected next year.s around the $1,872-$1,873 region heading into the North American session and remains close to a one-month low touched on Monday.Gold prices traded modestly higher on Tuesday as the yellow metal continued to recoup some of the sharp fall seen after the U.the Economic Club of Washington at 17:40 GMT.

In order to issue or invest in DFAs, interested parties need to open an account on a dedicated platform.Once a trade offer for a digital asset is accepted, the buyer settles with the investor in digital rubles, Rosbank explained about the process and added: 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 the Russian national currency, the digital ruble.The downside for the USD, however, seems cushioned amid expectations that the Federal Reserve (Fed) will stick to its hawkish stance for longer.“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 DFA platform and the digital ruble platform,” said Olga Makhova, director of innovation and data analysis at Rosbank.Price actionMarket drivers The latest selloff in gold may have stalled out around the $1,860 per ounce level, precious metals strategists said.The Central Bank of Russia has so far added four entities to its register of organizations allowed to issue DFAs.Hawkish Fed expectations cap the upside for Gold price The latest monthly employment details from the United States (US) released last Friday pointed to the underlying strength in the labor market and could allow the Fed to continue raising interest rates.Besides the tokenization service.A late risk-on impulse at around the London Fix weighed on the US Dollar (USD), with Briton traders squaring their positions ahead of Powell’s speech.