Russia's largest bank Sber has launched a structured bond product linked to Bitcoin, which can track the price fluctuations of Bitcoin as well as the exchange rate fluctuations of the US dollar against the Russian ruble. According to Sber's statement on May 30, this bond product has been offered to accredited investors in the over-the-counter market and is planned to be listed on the Moscow Exchange in the future. The listing will ensure transparency, liquidity, and convenience for a wide range of accredited investors.

The structured bond allows holders to benefit from the fluctuations in the dollar value of Bitcoin, as well as from the appreciation of the dollar against the Russian ruble. All transactions are conducted in rubles within the Russian regulatory framework, and investors do not need to rely on crypto wallets or unregulated platforms. Additionally, Sber plans to launch cryptocurrency-related exchange-traded products (ETPs) on its SberInvestments platform, with the first product being Bitcoin futures, expected to go live on June 4 at the Moscow Exchange.
This move comes as the Central Bank of Russia approved financial institutions to provide specific cryptocurrency financial instruments to accredited investors on May 28. However, the central bank stipulates that financial institutions cannot directly offer cryptocurrencies, and all products must be of a "non-deliverable nature" with comprehensive risk management measures implemented.