Russia’s largest bank Sber — formerly known as Sberbank — reported the first issue of gold-backed digital financial assets (DFAs). The bank considers DFAs to be a “great alternative” to investments amid dedollarization.
On Dec. 26, Sber published the news about its first issue of gold-backed DFAs. A diversified metals seller and manufacturer, Solfer, became the first investor to obtain the issued assets. Gold-backed DFAs represent certifying monetary rights, whose price and volume depend on gold prices.
According to juridical documentation of the issuance, the bank will provide up to 150,000 DFAs for potential investors to buy. The DFAs will be available to acquire until Jul 30, 2023. The document mentions “the high risks” for investors, ingrained in such kind of assets, including “the risk of illiquidity.”