Russia’s Sber initiates Bitcoin-associated bonds

(MENAFN) Sber, Russia’s largest bank, has rolled out new structured bonds tied to Bitcoin, as announced on its official website. These bonds are designed to reflect both Bitcoin’s price in US dollars and the USD-to-ruble exchange rate.

Currently available only to a select group of qualified investors on the over-the-counter (OTC) market, the bonds offer returns based on Bitcoin’s performance and the strength of the dollar against the ruble. Investors will not need to use cryptocurrency wallets or unregulated foreign platforms, as all transactions are conducted in rubles within Russia’s legal financial framework.

Sber also revealed plans to expand access to the product, with full listings on the Moscow Exchange (MOEX) expected in the near future. A Bitcoin futures product will debut in the bank’s SberInvestments app on June 4, after its MOEX listing.

This launch follows new guidance from the Bank of Russia, issued on May 28, permitting financial institutions to offer crypto-linked securities and derivatives to qualified investors. However, these offerings must not involve direct cryptocurrency delivery. The central bank proposed a pilot program that limits such products to specific investor groups.

Following the announcement, MOEX and the St. Petersburg Exchange expressed intentions to introduce futures products tied to crypto prices. Other Russian banks, including T-Bank and Alfa Bank, have also begun offering digital asset-based investment products.

Although Russia does not recognize digital currencies as legal tender, it has taken steps toward regulating their use. A law passed last year banned crypto ads aimed at the general public and restricted platforms enabling crypto transactions. The government has also classified cryptocurrencies as property for tax purposes and legalized mining, with regional restrictions in place until 2031.

While President Vladimir Putin has described crypto regulation as a “promising area,” calling for the development of a legal and technological framework for its use, the central bank remains wary. Its head, Elvira Nabiullina, has warned about crypto volatility and opposes its use as a payment method, though she supports limited use for investment.

MENAFN03062025000045015687ID1109629517