Sber to Conduct First DFA Transaction on its New Platform in a Month

Russian banking giant, Sber is all set to complete the first transaction involving a Digital Financial Asset (DFA) from its own internally designed trading platform.

As confirmed by Anatoly Popov, deputy chairman of Sber’s executive board, the trading of these unique asset classes is slated for a month’s time, corresponding to mid-July, and it comes following a lengthy drag for licensing from the Central Bank of Russia (CBR).

While the approval was expected far back in the Spring of 2021, what it is coming at this time is evidence of how well the government is trying to play cautiously with these asset types. With not much detail shared, Popov inferred that the Sber DFA trading platform was not built using blockchain technology as the bank is looking into integrating such related technologies.

“We are watching the development of new technologies, including in the field of distributed registries, we are studying how blockchain technologies are developing. Currently, there are many projects using them, and in Sber, of course, too. In the spring, we were included in the register of information system operators in which digital financial assets are issued. Our platform has already passed acceptance tests, and the first transaction will take place within a month,” he said in an interview with state-backed news channel, the TASS news agency.

Trailing Sber, VTB Also Looks to Facilitate DFA Trades

There is a lot of aggressive embrace of digital financial innovation amongst Russian banking giants, as the country has currently been severed from the Western banks through sanctions. 

Trailing Sber in its bid to facilitate the trading of Digital Finance Assets (DFAs) is the country’s second-largest bank, VTB. While the VTB pursuit will not materialize until Later in the year, the milestone showed the country’s legacy firms are all out to change the narrative with respect to how they embrace Digital Assets, irrespective of how they are classified.

Russia is becoming more proactive, especially in the cryptocurrency ecosystem, and should this trend continue, it may well grow to become a major crypto hub despite its continuous economic isolation from the West.