"Hopefully this will be the renewal of Russia, I'm afraid of being buried"
Russia's largest bank, Sber, formerly known as Sberbank, believes that gold-backed digital financial assets (DFA) are one of the best investments during dedollarization*.
*Procedures to stop the use of the US dollar as an intermediate currency in a country's trade transactions.
Even Alexander Vedyakhin, the first Deputy chairman of the Executive Board at Sber also supported the following opinion after Russia was subjected to international financial sanctions following the invasion of Ukraine.
It is understood that the seller and manufacturer of metals, Solfer is the first investor to own the digital asset, where the price and volume is based on the price of gold.
The bank will reportedly supply 150,000 DFA to investors who wish to purchase it, but it should be noted that the digital asset will only be available until its closing date on 30 July 2023.
Although the DFA-related law came into effect in 2020, Russian President Vladimir Putin signed a bill in July 2022 to ban payments through financial digital assets.
Meanwhile, the Russian bank's subsidiary VTB factoring also made its main deal with digital financial assets in June.
While Sber issued three-month assets worth 1 billion rubles at 14.5 million when testing its first deal on DFA in July.
