Russia will issue DFAs backed by diamonds

Alrosa is also considering the possibility of creating closed-end mutual funds

09.09.2022 - 09:45

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What’s new? Russian diamond mining company Alrosa is discussing the possibility of issuing digital financial assets (DFAs) backed by diamonds. The company’s head of strategy Dmitri Amelkin told TASS that the plans of the firm also include the creation of closed-end mutual funds on precious stones. According to Amelkin, currently, Alrosa is discussing these issues with Russian regulators. According to Amelkin, the projects are at the initial stage, their implementation will begin within 6-9 months.

Material by TASS

Situation with DFAs in Russia. In August, Prime Minister Mikhail Mishustin announced the need to implement DFAs, as they can guarantee uninterrupted payment for exports and imports.

At the moment, Sberbank, Atomyze, and Lighthouse are the registered operators for issuing DFAs in Russia. Moscow Exchange also announced the release of a DFA-based product by the end of the year.

Later, Atomyze CEO Ekaterina Frolovicheva said that DFAs, unlike cryptocurrencies, have real financial security.

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