Russia’s largest bank, Sberbank, has introduced new structured bonds that track the price of Bitcoin
BTC$104,256.17
And the exchange rate between dollars.
Initially, bonds available via counters to a limited pool of eligible investors led to holders gaining on two variables. This is BTC’s future performance in the US dollar and the dollar’s strengthening against the ruble.
Investors can open crypto wallets or access these devices without using foreign crypto exchanges. All transactions are processed in rubles within Russia’s “legal and infrastructure systems.”
The bank will list similar structured products with cryptocurrency exposure in the Moscow exchange, according to a recent announcement.
According to the announcement, Sberbank launched its Bitcoin futures product via the Sberinvestments platform on June 4th, coinciding with the release of the product at the Moscow Exchange.
The announcement comes shortly after the Bank of Russia said domestic financial institutions could provide cryptocurrency-related equipment to qualified investors.
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