Bitcoin bonds are about to be listed on the Moscow Stock Exchange.
That follows the May 28 announcement from Russia’s central bank that accredited investors would be allowed access to some financial instruments tied to crypto — but that cryptocurrencies couldn’t be offered directly.
Sbar (formerly Sberbank) announced “structured bonds with bitcoin value-linked returns,” linked to fluctuation in Bitcoin’s price and the exchange rate between the U.S. dollar the Russian ruble. These bonds will not require investors to have a crypto wallet or operate on platforms outside Russian jurisdiction.
They will be listed on the Moscow Stock Exchange to ensure “transparency, liquidity and convenience,” read a Sber press release, which also announced a Bitcoin futures product. T-Bank, a Sber competitor, made a similar announcement the same day.
These moves come as Russia becomes more crypto-friendly, starting with the legalization and regulation of crypto mining in August 2024. It’s estimated the crypto-mining industry was worth more than 20 billion rubles (US$253 million) in 2023.
“Who can ban Bitcoin? Nobody,” Russian president Vladimir Putin’s said in December, adding that “these tools will develop one way or another.” Sber’s move comes mere days after the Bank of Russia authorized crypto products for qualified investors.