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Sberbank Launches First Blockchain ETF in Russia – Finance Bitcoin News




first exchange-traded fund (ETF), which gives investors access to a blockchain. The new instrument holds the securities of companies that deal with cryptocurrencies and the technologies that support them.

Sberbank introduces ETF Tracking Blockchain Economy Index

The largest provider of banking and financial services in Russia and the post-Soviet space, Sberbank, has announced the launch of a blockchain ETF. The new product, called “Sber – Blockchain Economy”, aims to provide Russian investors with the opportunity to profit from the crypto sector without having to be directly involved in the development, acquisition, storage and sale of digital assets.

The ETF tracks the Sber Blockchain Economy index, which includes securities of companies operating cryptocurrencies and blockchain technologies. “Today, they are used in a variety of industries and address a variety of issues, from privacy and copyright confirmation to creating platforms for the Internet of Things and online voting,” the bank explained.

Among those covered by the index are cryptocurrency hardware and software manufacturers, crypto asset issuers and blockchain consulting services, the state bank added. Well-known names in space are on the list, such as Coinbase cryptobourse, Digindex blockchain software developer and Galaxy Digital crypto financial services provider.

Sberbank stressed that its blockchain economy ETF (ticker: SBBE) is the first of its kind in the Russian stock market. The currency of the fund is US dollars, but investors can buy shares for Russian rubles through the Sberinvestor application or with the help of any Russian broker, the bank said. The stock price starts at 10 rubles.

The cryptocurrency-related tool is being introduced after Russia’s central bank chief Elvira Nabiullin said in October that the monetary authority was not ready to allow trading in bitcoin ETFs in the Russian Federation. In December, the governor reiterated the regulator’s tough stance on cryptocurrency investments, and the report revealed that the CBR wanted to block card payments on cryptocurrencies.

“We do not see a place for cryptocurrencies in the Russian financial market,” Nabiullina’s deputy Vladimir Chistyukhin told Russian media. Earlier this year, the Bank of Russia advised stock exchanges to avoid listing and trading in instruments linked to crypto assets, changes in cryptoindexes, as well as the value of crypto derivatives and cryptocurrency fund securities.

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Bank, Russia, Bank of Russia, Blockchain, Blockchain economy, Blockchain economy index, blockchain ETF, CBR, Central bank, Crypto, Cryptocurrency, Cryptocurrency, ETF, etfs, exchange traded fund, instrument, offer, Product, Russia, Russian, Sberbank , stock exchange, stock exchange, stocks

Do you expect to see other offers in Russia, such as blockchain ETF Sberbank? Tell us in the comments section below.

Lubomír Tasev

Lubomir Tassev is a technologically savvy Eastern European journalist who likes Hitchens’ quote: “Being a writer is what I am, rather than what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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