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
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