Russia is a tech giant which has achieved so much that a nation can only dream of.
Russia’s capability is such that it is the first country to successfully develop and initiate operations of a floating nuclear power plant. Hence, anything could be expected from Russia in terms of technology.
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In its recent technology evolutions and breakthroughs, Russia has established digital assets which are pegged with the globally popular precious metal, Gold.
This means that there are assets now in Russia which are digital and carry a value that represents the value of Gold.
Technological Breakthrough in Digital Asset Industry
Behind the establishment and launching of Gold based digital assets is Russia’s biggest financial institution i.e. Sber. Such assets have been named by Sber as “DFAs i.e. digital financial assets”.
By the time of this writing, Sber is already minting these DFAs which are exclusively mined for and on behalf of ‘Solfer’.
On the other hand, Solfer is a Russian company doing the business of manufacturing precious metals and trading such metals.
The crypto law i.e. “Digital Finance Assets” shall also be applicable to the DFAs.
Currently, there are only three entities that have been authorized to mint DFA which include amongst others Sber, Lighthouse, and Atomyze.
It may be further noted that DFAs were initially tested in June this year and Lighthouse and Atomyze participated in the testing.
Sber’s Explanation of DFAs
As per the explanation of Sber, DFAs shall allow the owner to claim a monetary value equivalent to the value of Gold.
Sber explained further that DFAs value shall vary accordingly. It said that if variation takes place in Gold’s market value, then the variation shall automatically apply to the DFAs value.
It was furthermore informed by Sber that it has already successfully processed the first DFA transaction through its very own blockchain.
DFAs – A Promising Investment Opportunity
Solfer’s CEO commented that when his company came to know of the project it immediately developed an interest in the project.
He said that his company was desirous of diversifying its balance sheets and this objective was achieved by adopting DFAs.
CEO of Solfer further hoped that DFAs have hence provided yet another opportunity of investing in the time-tested assets of Gold. He believes that DFAs would certainly attract investors’ attention in this unique and distinct market.
Similarly, Dy. Chairman of the Board of Sber, also commented in support of the project. He said that DFAs have the potential of becoming a hard-core investment alternative in the prevailing circumstances.
He also said that the project would help the Russian Government in its objective of de-dollarization in the national economy.
Russia’s Counter-Strike against the West’s Impositions
DFA or the launch of digital assets pegged with Gold is yet another attempt of Russia in countering the West’s impositions. In fact, Russia is considering the project to work as a counter-strike against the sanctions.
However, the regulators in Russia are a bit concerned about the unrestricted circulation of Bitcoins into the country.
Contrary to this concern, the Russian Government is desirous of legalizing the usage of digital currency payments, particularly for cross-border settlements.
However, DFAs are a technological breakthrough in the digital asset industry for sure. It seems that Russia is not much concerned about its ongoing war with Ukraine.
Even the war hasn’t been able to stop Russia from making progress in the advanced technology sector.
The actions taken by the EU and the rest of the west in the year 2022 have only made Russia even more aggressive.
The country has become extremely aggressive when it comes to defying the USD. It has partnered with China to perform trades mainly in CNY-RUB.
Both countries know that the US no longer has the power it used to have more than a decade back. Therefore, it is the right time for Russia to hit the hammer and steer markets in its favor.
There is a high chance with the gold-backed assets, Russia may start exporting oil demanding payments for these assets.