Russia’s largest lender, Sber, has made a significant move into the cryptocurrency market by introducing structured bonds tied to Bitcoin. According to an announcement on the bank’s website, the new financial product tracks both the price of the top cryptocurrency and the dollar-to-ruble exchange rate. This innovative bond is currently available to a limited pool of qualified investors on the over-the-counter market and offers potential returns from Bitcoin’s price movement in dollars and from the dollar’s appreciation against the ruble.
Investors interested in this new bond will not need to open cryptocurrency wallets or use unregulated foreign platforms, as all transactions will be conducted in rubles within Russia’s legal and infrastructure systems. The bank plans to expand its offerings, with full listings on the Moscow Exchange (MOEX) expected soon. This development is expected to ensure transparency, liquidity, and convenience for a wide range of qualified investors. Additionally, a Bitcoin futures product will launch in the lender’s SberInvestments app on June 4, following its listing on MOEX.
This move follows guidance from the Bank of Russia, which authorized financial institutions to offer crypto-linked derivatives, securities, and digital assets to qualified investors on May 28. The central bank has proposed a pilot program limiting direct crypto transactions to specific investor categories, and both MOEX and the St. Petersburg Exchange plan to introduce futures products linked to cryptocurrency prices. Several financial organizations, including T-Bank and Alfa Bank, have also started offering products tied to digital assets.
Russia has taken a cautious but gradually evolving approach to cryptocurrencies. While digital assets are not recognized as legal tender in the country, the government has moved to regulate their use. A law passed last year banned advertising cryptocurrencies to the general public and limited services facilitating crypto transactions. Another measure classified digital currencies as property, making them subject to income tax. At the same time, the country legalized crypto mining, though it remains restricted in energy-deficient regions until 2031.
Russian President Vladimir Putin has called crypto regulation a “promising area,” urging the creation of legal and technological infrastructure for its domestic and cross-border use. However, the central bank has remained skeptical, with the head of the regulator, Elvira Nabiullina, calling cryptocurrencies “very volatile” and urging for their use as a payment method to be banned. She noted, however, that she supports the limited use of cryptocurrencies as an investment tool.
This development marks a significant step forward for cryptocurrency adoption in Russia, and it will be interesting to see how the market responds to these new investment opportunities. As the country continues to navigate the complexities of cryptocurrency regulation, it is clear that there is a growing interest in digital assets among Russian investors and financial institutions.
