Sberbank Launched The First Blockchain ETF In Russia

Sberbank launched the first blockchain ETF in Russia and will give investors access to the blockchain space as we are reading more in today’s blockchain news.

The new instrument will hold securities of companies dealing with crypto and technologies that underpin them. The biggest banking and financial services provider in Russia and the post-Soviet space, Sberbank announced the launch of a blockchain ETF. The new product is dubbed “Sber-Blockchain Economy” that aims to provide Russian investors with an opportunity to profit from the crypto sector with no need to get involved directly in the storage, development, and sale of digital assets.

The ETF tracks the Sber Blockchain Economy Index that includes securities of companies operating with crypto and blockchain technologies. The bank noted:

 “Today, they are used in a variety of industries and solve a variety of problems — from protecting personal data and confirming copyright to creating platforms for the internet of things and online voting.”

Among these covered by the index are the producers of crypto mining hardware and software with entities issuing crypto assets and businesses providing consulting service in blockchain with as the state-owned bank said. Some well-known names in the space such as Coinbase, Digindex, and crypto financial services provider Galaxy Digital are also on the list. Sberbank noted that the blockchain economy ETF with the first of its kind on the Russian stock market. The fund’s currency is the S dollar but investors are able to buy shares with Russian rubles via the application of the bank or with the help of the Russian broker the bank outlined and the price of shares starts at 10 rubles.

The crypto-related instrument was introduced after the head of the Central Bank of Russia Elvira Nabiulina noted that the monetary authority is not really prepared to allow the trading of BTC ETF in the Russian Federation. The governor reiterated the regulator’s hardline stance on crypto investments and a report showing that the CBR wanted to block card payments to the exchanges. Nabiulina’s deputy Vladimir Chistykhin said that they don’t see the place for crypto in the Russian Financial market. The Bank of Russia also advised stock exchanges to avoid these listings and tradings of instruments related to crypto-assets as well as the value of crypto derivatives and securities of crypto funds.