Sberbank Launches Bitcoin-Linked Bonds Worth 500 Million Rubles

Russian bank Sber has launched over-the-counter bonds worth 500 million rubles, linked to the price of Bitcoin. This was announced by the bank’s Deputy Chairman Anatoly Popov at the St. Petersburg International Economic Forum, according to “Lenta.ru”.

This new product enables investors to put their money into an asset whose value is tied to the performance of the leading cryptocurrency, without requiring them to buy Bitcoin or navigate the complexities of the crypto infrastructure.

Sberbank assumes the responsibility for the securities’ circulation within the legal framework of the Russian Federation.

Popov highlighted that this move effectively equates cryptocurrency to conventional investment instruments such as gold or silver, indicating a positive step towards the development of the Russian stock market.

The Russian Ministry of Finance intends to establish the key parameters for an experimental legal regime (ELR) pertaining to cryptocurrencies by the end of 2025. This was reported by Deputy Finance Minister Ivan Chebeskov.

He mentioned that the agency is actively discussing the framework with the central bank.

“We haven’t finalized all the aspects of the ELR yet. We are currently engaged in thorough discussions with our colleagues from the Central Bank. We hope to reach a conclusion by the end of the year,” Chebeskov stated.

He also noted that the matter is still in the conceptual discussion phase.

Additionally, on June 4, trading commenced on the Moscow Exchange for futures contracts linked to the shares of the iShares Bitcoin Trust ETF from BlackRock. Following the initial trading session, the turnover exceeded 423 million rubles, with the number of transactions approaching 8,600.