Gold-Based Digital Assets Issued in Russia

Gold-Based Digital Assets Issued in Russia Gold-Based Digital Assets Issued in Russia  0

A blockchain platform built by Russia’s largest banking institution, Sber, has been used to issue digital assets based on gold. The value of the tokenized precious metal will depend on the prices of physical gold, the bank said, emphasizing that the operation is a first.

Russia’s Sber Bank Mints Gold-Backed Coins

Sber, Russia’s largest bank, has reported issuing gold-based digital financial assets (DFAs) on its proprietary blockchain. The coins were minted for Solfer, a holding specialized in the processing and trading of metals and making products from precious metals.

The Russian law “On Digital Financial Assets,” which entered into force in January, 2021, allows companies to tokenize various assets. Sber Bank is one of three “information system operators” authorized by the Bank of Russia to issue DFAs, alongside Atomyze and Lighthouse. The latter conducted Russia’s first DFA issue in June of this year.

The DFA issued for gold represents a monetary claim on the asset, Sber explained. Its price and the obligations associated with it will depend on the dynamics of gold prices, the bank elaborated in an announcement, noting this is the first transaction of this kind on its blockchain.

“We were attracted by the new digital format for gold, and we decided to try a new way to diversify the company’s balance sheet … We think that a new format of investment in precious metals can find its niche in the market,” commented Maxim Nazhmetdinov, the chief executive of Solfer.

“The deal demonstrates interest from the market and the real sector in a new instrument that can become a good alternative to investments within the de-dollarization of the economy,” First Deputy Chairman of Sber’s Board Alexander Vedyakhin stressed.

Pressed by sanctions over the war in Ukraine, Russia has been preparing to broaden its legal framework for DFAs to also cover decentralized cryptocurrencies. While there is a general consensus among regulators in Moscow against the free circulation of bitcoin in the country, the government is considering legalizing crypto payments in international settlements.

Sber intends to expand the DFA product line in the future in order to attract more corporate clients to its blockchain platform. According to an earlier statement by Vedyakhin, the bank also plans to allow individuals to use the blockchain for digital asset transactions in the spring of 2023.

Tags in this story Blockchain, blockchain platform, Coins, Crypto, Cryptocurrencies, Cryptocurrency, DFA, DFAs, Digital Assets, digital financial assets, gold, Russia, russian, SBER, Sber Bank, tokenization, Tokens

Do you think more Russian companies will start tokenizing various assets in the future? Tell us in the comments section below.

Gold-Based Digital Assets Issued in Russia  1 Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Gold-Based Digital Assets Issued in Russia  2 FTX Co-Founder Faces ‘No-Nonsense’ Judge Next Week, Report Says SBF ‘Expected to Enter a Plea’ in Fraud Case NEWS | 11 hours ago Gold-Based Digital Assets Issued in Russia  3 Onchain Sleuths Discover Funds Linked to Alameda Swapped for ETH, USDT, BTC by a Mysterious Entity NEWS | 13 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Kraken Shutting Down Crypto Exchange in Japan Citing Weak Global Crypto Market

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Gold-Based Digital Assets Issued in Russia  4

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real … read more.

Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin


Updated: 12/29/2022 — 05:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme