Breaking News
Investing Pro 0
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started

Russia’s Banking Giant Sber Issues Gold-Backed Digital Financial Asset

Published Dec 27, 2022 11:00AM ET Updated Dec 27, 2022 12:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Russia’s Banking Giant Sber Issues Gold-Backed Digital Financial Asset

  • Sber, formerly Sberbank, issued a gold-backed digital financial asset to Solfer.
  • Sber, Russia’s banking and digital payments giant, is active in crypto.
  • Russia is actively seeking ways to use crypto to evade US sanctions.

As Russia is under pressure from crippling US sanctions, banking giant Sber is exploring blockchain technology to reduce the country’s reliance on foreign currency.

Its efforts recently came to fruition as Sber closed its first deal with its gold-backed digital financial assets (DFAs). According to the company’s press release, Sber issued digital financial assets to Solfer, a manufacturer and seller of precious metals.

The digital financial asset could be an alternative to trading in US currency, Alexander Vedyakhin, first deputy chairman of the Sberbank’s Executive Board, said.

“The deal demonstrates that the market and the real economy are interested in the new instrument, which may be a great alternative to investments amid de-dollarization,” Vedyakhin said. Russia is actively looking for ways to end its reliance on the US Dollar. Sber believes that this could be an excellent boon for DFAs.

“We expect the number of corporate clients on our platform to grow rapidly and plan to expand the product line of digital financial assets,” he added. Sber unveiled its first DFA product in July, issuing $16 million in DFAs with a three-month maturity. Sber said its platform uses blockchain technology and smart contracts to issue these digital assets.

Russia Pivots to Crypto Amid Crippling Sanctions

Russia has been actively looking into crypto assets since it invaded Ukraine, which has brought on crippling sanctions from the US. The country hopes to use cryptocurrencies and blockchain technology to bypass these sanctions.

In November, Russian President Vladimir Putin called for an international payment system powered by blockchain technology.

“It is possible to create a new system of international payments based on digital currency technologies and distributed registries, much more convenient, but at the same time completely safe for participants and independent of banks and third-party interference,” Putin said.

In May, the Congressional Research Service released a report on potential methods Russia can use to evade sanctions with crypto. These include crypto mixers like Tornadocash and P2P exchanges.

On the Flipside

  • Russia is currently isolated from many countries that were formerly its largest trade partners. It is unclear whether Russia’s push away from the dollar will have any tangible effect on the global economy.

Why You Should Care

Russia’s push for digital financial assets could be a sign of things to come. Governments around the world may begin looking for ways to diversify their currencies in order to reduce reliance on foreign currency.

You may also like:

Russia Identifies Meta as a “Terrorist Organization”

Russia to Create a State Crypto Exchange: Monopoly in Sight?

See original on DailyCoin

Russia’s Banking Giant Sber Issues Gold-Backed Digital Financial Asset

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your profile, will be public on and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email