No Wallets, No Offshore Accounts: Russia’s Biggest Bank Sber Launches Government-Approved Bitcoin Bond in Rubles

Russia’s Largest Bank Offers Bitcoin-Linked Bonds To Qualified Investors

Russia’s biggest lender has taken a notable step by introducing a structured bond tied to Bitcoin’s price and the dollar-to-ruble exchange rate.

This product, available now in the over-the-counter market, gives qualified investors a chance to gain from Bitcoin’s performance without holding the cryptocurrency directly.

How The Bitcoin-Linked Bond Works Without Crypto Wallets

Unlike buying Bitcoin itself, the bond’s return depends on two factors: changes in Bitcoin’s value measured in US dollars, and fluctuations in the dollar’s strength against the Russian ruble.

Investors don’t need cryptocurrency wallets or access to foreign exchanges, as all transactions settle in rubles under Russia’s regulatory framework.

Sberbank, the lender behind this product, aims to simplify exposure to crypto within a fully regulated domestic environment.

The bank said,

“The product eliminates the need for investors to open cryptocurrency wallets or use offshore exchanges.”

Will Bitcoin Bonds Soon Appear On Moscow Exchange?

Currently restricted to a select group of accredited investors through OTC deals, the bank plans to list these bonds on the Moscow Exchange.

This move is expected to increase transparency, liquidity, and availability for a broader range of domestic investors.

Additionally, Sberbank intends to launch other cryptocurrency-linked products.

Among them is a Bitcoin futures contract set to debut on 4 June through its SberInvest platform, coinciding with the official launch of futures trading on the Moscow Exchange.

A Shift In Russia’s Approach To Crypto Investment

For years, Russian regulators took a cautious stance on cryptocurrencies, often restricting access and use.

Recently, however, the Ministry of Finance has shown more openness to controlled crypto activities, even as the Central Bank maintains limits on direct cryptocurrency circulation.

The new bond and upcoming futures trading indicate a deliberate effort to offer crypto exposure within a tightly controlled financial system.

This approach keeps capital within Russia while providing investors with links to global digital assets.

Other Financial Players Join The Crypto Offering

On the same day Russia’s central bank approved regulated crypto financial instruments for accredited investors, Moscow-based T-Bank (formerly known as Tinkoff Bank) introduced a “smart asset” investment linked to Bitcoin’s price, backed by a state-supported tokenisation platform.

The bank explained,

“The tool allows you to invest in cryptocurrency in rubles through a familiar application — safely and within the legal framework of the Russian Federation, without opening an account on a crypto exchange and difficulties with protecting your wallet.”

Crypto’s Growing Presence In Russia’s Financial Markets

Data from early 2025 shows Russian residents hold roughly 827 billion rubles ($9.2 billion) in crypto assets on centralized exchanges, with Bitcoin accounting for 62% of this volume.

Ether follows at 22%, alongside stablecoins like Tether and USDC.

Inflows to Russian crypto platforms surged 51% in the first quarter, reaching 7.3 trillion rubles ($81.5 billion).

These figures illustrate growing interest in digital assets despite regulatory constraints.

Sberbank’s Bitcoin-linked bonds offer a pathway for investors to benefit from crypto price movements without breaching current financial regulations, signalling an evolving but cautious embrace of digital currencies within Russia’s traditional finance sector.