Russia’s Sberbank Issues Gold-backed Digital Financial Assets
Sber, the biggest bank in Russia that was previously named Sberbank, has announced the initial release of its digital financial assets (DFAs) that are supported by gold. The institution is of the view that the DFAs can offer a remarkable substitute for investment, especially at a time when the economy of the country is witnessing a huge de-dollarization. On the 26th of December, Sber informed that the bank released its initial issue of its gold-supported DFAs.
Sber of Russia Releases Gold-Supported Digital Financial Assets
Solfer, a manufacturer and seller of diversified metals, became the earliest investor to get the assets. The respective DFAs denote verifying monetary rights and their volume and value rely on the prices of gold. As per the issuance’s juridical documentation, the banking organization will offer nearly 150,000 DFAs to be purchased by the likely investors. The investors can acquire the DFAs till the 30th of July next year.
The document specifies the huge hazards for investors, deep-seated in such assets, taking into account the illiquidity-related issues. Alexander Vedyakhin, the deputy chair of Sber’s Executive Board, asserts that such DFAs can provide an alternative to conventional investments during the de-dollarization triggered by the financial sanctions enforced on Russia following its attack on Ukraine.
He added that they anticipate that the figure of corporate consumers on the platform will grow swiftly and that Sber has a strategy to spread the digital financial assets’ product line. Though the present DFA-related legislation was implemented a couple of years ago, in July this year, Vladimir Putin (the President of Russia) inked a bill approving it as a law to prohibit the utilization of digital financial assets for payment activities.
In June 2022, VTB Factoring (a sub-branch of another state-owned Bank in Russia) declared its 1st prominent contract comprising digital financial assets. According to the contract, the subsidiary obtained a tokenized debt pool operated by Metrowagonmash (an engineering platform) issued by Lighthouse (a fintech company).
The Bank Gets MetaMask and Ethereum Integration
Sber has examined its earliest bond taking into account DFAs in July 2022, releasing the 3-month assets having a worth of up to 1B roubles (nearly $14.5M). At the start of this month, Sber declared that the blockchain platform operating under it had become Ethereum compatible, permitting the developers to unrestrictedly transact smart contracts as well as whole projects between the blockchain network of the bank and other open blockchains.
Apart from that, the bank mentioned having carried out the MetaMask wallet integration. As was declared, the clients can carry out transfers with smart contracts and tokens on the platform of Sber. The blockchain of the bank lets the members release their tokens as well as develop smart contracts. This enables the utilization of rubles for settlements, according to the information systems of the bank.
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