Sberbank Launches First Blockchain ETF in Russia
Sberbank, Russia’s largest financial service provider and banking institution, has launched a blockchain ETF. Russian investors will have the opportunity to make a profit in the crypto sector by purchasing, storing, and selling the new product called “Sber – Blockchain Economy”.
The ETF tracks securities issued by companies using cryptocurrencies or blockchain technology. The bank stated that they are being used in many industries today and solve many problems, including protecting personal data and copyright, as well as creating platforms for the internet and voting.
The index includes crypto mining software and hardware producers, crypto asset issuers, and consulting firms in blockchain. The list includes well-known names such as Crypto exchange Coinbase, Digindex, a blockchain software developer, and Galaxy Digital, a crypto financial services provider.
Sberbank stressed that the blockchain economy ETF (ticker SBBE) was the first such fund on the Russian stock exchange. According to the bank, although the fund’s currency will be U.S. Dollars, investors can purchase shares in Russian rubles via the Sberinvestor app or by contacting any Russian broker. Shares start at 10 rubles.
After Elvira Nabibullina, the head of Russia’s Central Bank, stated that the Russian Federation does not allow bitcoin ETF trading, the cryptocurrency-related instrument was introduced. The governor reaffirmed the regulator’s strict stance on cryptocurrency investments in December. A report showed that the CBR wanted to block payments from crypto exchanges to card cards.
Russian media quoted Nabiullina’s deputy Vladimir Chistyukhin as saying that he didn’t see any place for cryptocurrency on the Russian financial markets. The Bank of Russia advised stock markets to not list and trade instruments linked to crypto assets. They also recommended that crypto indices changes be reflected in the price of securities and derivatives.