Russia’s NSD to Open Digital Asset Ledger in Switzerland Next Month for Own Security Token Blockchain
Ever heard of a rumour about Russia launching own crypto? Well, it seems the rumour is coming true. The Russian National Settlement Depository (NSD) has revealed plans to launch its own security token blockchain in June this year.
As Switzerland is one of the most crypto-friendly countries in the world, the head of innovation and a director at NSD, Artem Duvanov said the choice of the country was motivated by the great potential for digital assets. Speaking on the friendliness of Switzerland, Duvanov said:
“In terms of laws, [Switzerland] allows the tokenization of at least some kind of securities. That’s the first thing. And it’s favorable for such things because there is market demand.”
Another reason for the choice of Switzerland is to incorporate D3ledger (Decentralized Digital Depository), a technology that will help to track ownership of digital assets including depository notes of Bitcoin and ETH as well as Japanese cryptocurrency Sora and a security token representing unregistered shares in a small healthcare company.
According to Duvanov, the D3ledger is essentially a combination of a slow public network and a fast private network in a distributed manner that eliminates custody risks associated with storing digital assets on exchanges. The NSD plans to add a stablecoin to 3Dledger to commence over-the-counter (OTC) trading in the future.
Apart from working on its own cryptocurrency tokenization project, Switzerland is becoming a testing field for crypto tokenization test. Deutsche Börse, the second largest German stock exchange that recently listed XRP and Litecoin exchange-traded Notes is also working with the country’s Swisscom to test-drive tokenization.
After the successful launch of the ledger and the token, Russia will join the list of the few countries that have successully launched their own tokens, although this is not a guarantee that the token will succeed, looking at the case of Venezuela.
Although Russia hasn’t been the most friendly country towards Bitcoin and cryptocurrency at large, it has always believed that blockchain technology holds something special as is the view of many others like it. However with the recent developments, is it possible that cryptocurrency is also settling in the heart of the nation?