Russia’s Sberbank Launches Bitcoin-Linked Bonds
(MENAFN) Russia’s biggest financial institution, Sber (previously known as Sberbank), has unveiled structured bonds connected to Bitcoin, as detailed on the bank’s official website.
This innovative financial instrument is designed to reflect both the fluctuations of the leading cryptocurrency’s value and the exchange rate between the US dollar and the Russian ruble.
The bank has indicated that these bonds are presently accessible to a select group of qualified investors through the over-the-counter (OTC) market.
Sber highlighted that this bond offers the opportunity to gain from changes in Bitcoin’s dollar price as well as the dollar’s strengthening against the ruble.
Sber emphasized that investors won’t need to create cryptocurrency wallets or engage with unregulated international platforms to purchase these bonds. All transactions will be conducted in rubles and “within Russia’s legal and infrastructure systems.”
Additionally, the bank revealed plans to broaden its product range, aiming for full listings on the Moscow Exchange (MOEX) in the near future.
“This will ensure transparency, liquidity and convenience for a wide range of qualified investors,” the bank stated.
It also announced the upcoming launch of a Bitcoin futures product in its SberInvestments app on June 4, shortly after the product becomes available on MOEX.
This initiative comes in response to recent directives from the Bank of Russia, which on May 28 approved financial institutions to provide crypto-linked derivatives, securities, and digital assets to qualified investors.
However, the central bank clarified that these products must not involve the actual transfer of cryptocurrency tokens, and introduced a pilot program restricting direct crypto dealings to certain categories of investors.
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