On Saturday, Russia’s largest bank, Sber, announced it issued its first digital asset. The billion ruble ($16.3m) asset is backed by invoices that have been factored with SberFactoring for three months.
However, the platform is still running in pilot mode and is only allowed to support a limited number of users for now. The bank plans is to make it available to all its commercial clients.
In Russia, these real-world digital assets (as opposed to cryptocurrencies) are referred to as Digital Financial Assets (DFAs), with legislation coming into force at the start of 2021.
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