Sberbank, the largest bank in Russia, has issued the country’s first structured bonds backed by Bitcoin, aiming to attract qualified investors.
Bitcoin-Secured Bonds: Features
These bonds are available exclusively to accredited investors and can already be traded over-the-counter (OTC). They are set to be listed on the Moscow Exchange in the future, increasing their availability for trading. Investors will benefit from the price fluctuations of Bitcoin as well as changes in the USD to RUB exchange rate.
Regulatory Changes and Investment Opportunities
While the use of cryptocurrencies for everyday payments remains illegal in Russia, regulators are adapting their approach. The Bank of Russia has granted permission for financial institutions to issue crypto-related investment products, paving the way for Sberbank’s Bitcoin bond proposal. Additionally, Bitcoin futures are planned to be launched on SberInvestments platform.
Sberbank’s Digital Asset Strategy
Since obtaining a digital asset license in 2022, Sberbank has been selling tokenized assets including gold and real estate. In 2023, it expanded access to digital assets for individual investors, resulting in billions of rubles in transactions. Furthermore, Sberbank has developed an Ethereum blockchain network compatible with smart contracts.
The launch of Bitcoin-backed bonds by Sberbank reflects the growing interest in cryptocurrency investments within Russia and the adaptation of the regulatory environment. This marks a step towards broader adoption of digital assets in the country’s financial market.
