Individuals will get access to Sberbank’s DFAs in June

The platform’s users will be able to trade assets and exchange them for cash

08.06.2023 - 15:50

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What’s new? Individuals will be able to make transactions under Sberbank’s digital financial assets (DFAs) project as early as this month, said Anatoly Popov, Deputy Chairman of the bank’s management board. According to him, citizens will be able to trade DFAs as well as exchange them for cash.

Material by TASS

DFAs, like cryptocurrencies, work on the basis of blockchain technology. However, cryptocurrencies differ from DFAs in that they do not have a centralized management body. In addition, in the case of cryptocurrencies, there are usually no financial obligations to holders on the part of the issuer.

What else did Popov say? The Deputy Chairman of the board reminded that in 2022 Sberbank received permission from the Bank of Russia to launch a platform for the issue and turnover of DFAs. According to him, “Now the bank has billions on the sums of issues, and the number of issues approaches the third ten.” Popov added that in the near future, the largest borrowers should join the platform and carry out issues of tens of billions of rubles.

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Last July Sberbank conducted the first deal to issue DFA of SberFactoring on its own platform. In December, the bank announced the issuance of DFA for gold on its own blockchain platform and also offered to legalize payments using this type of asset.

At the end of May, Sber extended developer access to its own blockchain platform, ComUnity. Members of the blockchain community created by the bank can join it in test mode.

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