Russia's Largest Bank Sberbank Has Launched a Bitcoin Initiative That Will Be Much Talked About! There's More!

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Russia's largest bank Sberbank has launched a new structured bond product indexed to the performance of Bitcoin and the dollar/ruble exchange rate.

These bonds will be offered to qualified investors in the over-the-counter (OTC) market, and investors will have the opportunity to profit from both the future performance of Bitcoin against the dollar and the strengthening of the dollar against the ruble.

The new product allows investors to conduct transactions in rubles without the need to open a crypto wallet or use foreign cryptocurrency exchanges. All transactions take place within Russia's legal and infrastructural framework.

Along with this product, Sberbank will also launch its Bitcoin futures product on June 4 through the SberInvestments platform. The product will also be listed on the Moscow Exchange on the same day.

The bank's move came immediately after the Central Bank of Russia announced that it would allow financial institutions to offer crypto-linked products to qualified investors. Sberbank plans to launch similar crypto-focused structured financial instruments on the Moscow Exchange in the coming period.

*It is not investment advice.

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