MOSCOW, 12 Dec — PRIME. Sberbank begins issuing digital financial assets for gold on its own blockchain platform, the bank said in a release.

Russian President Vladimir Putin Putin instructed to increase the salaries of state employees in 2023 "Sberbank is starting to issue digital financial assets (DFA) for gold. The issue will be carried out on its own blockchain platform. Investors will have the opportunity to purchase an analogue of the traditional instrument, an unallocated metal account, in a convenient digital format. DFA for gold will allow you to receive investment income depending on gold price dynamics," the statement said.

It is noted that the main advantage of the new financial instrument will be a quick and convenient process of concluding a transaction made in the information system at the request of the investor using a smart contract, an algorithm that allows automating the process of executing a transaction on the platform without additional will of the parties to the transaction and without the participation of intermediaries. Investors will also be able to transfer assets to other users of the platform, which will ensure the secondary turnover of the CFA.

"The Russian market of digital financial assets is at the initial stage of its development. Nevertheless, we see that digital assets have great prospects for bank customers and allow us to bring existing financial instruments to a new level. Issuing digital financial assets for gold right now is a timely measure in changing financial landscape. Gold is a liquid investment and protective asset, investments in which are especially relevant for businesses in the current situation," Anatoly Popov, chairman of the board of Sberbank, was quoted in the message.

DFA is a blockchain-based tool that allows you to exercise digital rights on monetary claims, equity securities and participation in the capital of a non-public joint-stock company. ZFA for gold is a ZFA that certifies monetary claims, the price and volume of obligations for which depend on the dynamics of gold prices.