Russia’s Largest Bank Just Made Bitcoin Accessible Without Wallets—Here’s How
Sberbank Launches Bitcoin-Linked Bond as Russian Banks Race to Meet $9B Crypto Demand Under Tight State Oversight.
Key takeaways:
- Sberbank’s new bond allows investors to gain exposure to Bitcoin, albeit under tight government control.
- Russians hold over $9 billion in crypto, pushing banks to launch tokenized assets.
- T Bank’s Bitcoin-linked smart asset shows how competitors are racing to meet crypto demand while staying compliant.
Russia’s largest bank, Sberbank, has introduced a structured bond tied to the price of Bitcoin. However, with this product, payouts depend not only on Bitcoin’s dollar value but also on the dollar-ruble exchange rate.
The ruble-denominated bond is currently available over the counter for accredited investors. Unlike direct crypto purchases, it allows exposure to Bitcoin without requiring a digital wallet or bypassing Russian financial oversight.
How Russia Is Letting Crypto In, But On Its Terms
Accessibility will soon expand. Sberbank intends to list the bonds on the Moscow Exchange, boosting both availability and trading liquidity.
The bank isn't stopping there. Come June 4, its SberInvestments platform will roll out Bitcoin futures, mirroring the Moscow Exchange's simultaneous launch of identical derivatives.
This dual rollout strengthens the link between Russia’s top financial marketplace and the world’s leading cryptocurrency.
Less than a week after the Bank of Russia allowed financial institutions to launch crypto-linked investment products, two major lenders have unveiled competing offerings, though with strict safeguards in place.
The central bank's new rules permit non-deliverable products tied to cryptocurrency prices, but only for qualified investors and with full capital backing.
Direct crypto custody or payments remain prohibited.
The race to capture demand became immediately clear.
On the same day as Sberbank's Bitcoin-bond announcement, Moscow’s T-Bank (formerly Tinkoff) rolled out a “smart asset” tracking Bitcoin’s price through the state-approved Atomyze tokenization platform.
Like Sberbank’s product, it’s restricted to accredited investors and transactions denominated in rubles.
The motivation is no mystery.
According to central bank estimates, Russians hold approximately 827 billion rubles ($9.2 billion) in cryptocurrency on exchanges.
Bitcoin accounts for 62% of the market, Ether for 22%, and dollar-pegged stablecoins comprise the majority of the remaining market share.
Sberbank’s approach to delivering Bitcoin exposure through traditional instruments like bonds and futures provides investors with a state-approved way to tap into crypto’s volatility while keeping everything under Moscow’s oversight. All settlements, taxes, and risk controls stay firmly within the domestic financial system.
In effect, Moscow has invited digital assets into mainstream finance, a marriage the government watches and leads.
Is the E-Ruble the Final Piece in Russia’s Crypto Shift?
Digital asset adoption in Russia surged in early 2025. Crypto inflows jumped 51% in Q1, rising to 7.3 trillion rubles ($81.5 billion) as more residents embrace digital assets.
In response, the Bank of Russia is rolling out crypto-linked investment products while maintaining a cautious stance to manage systemic risks, marking a clear shift toward integrating digital assets within the financial system.
At the same time, Russia is pursuing an e-ruble initiative and is rapidly gaining momentum, even as other countries and public companies stockpile Bitcoin for a strategic reserve.
Russia's central bank digital currency (CBDC) project has encountered a minor schedule adjustment, although development continues to progress steadily.
The finance ministry had previously announced the digital ruble was “almost ready” this past April, with Finance Minister Anton Siluanov initially targeting a 2026 rollout after successful institutional testing during 2023-24.
However, updated reports from state news agency RIA Novosti indicate the timeline has been pushed back slightly. Consumer trials for retail payments are now projected to conclude by late 2026, with complete nationwide implementation expected the following year, in 2027.
Despite this adjustment, 15 major banks, including Sberbank and T-Bank, are already testing the e-ruble, demonstrating Moscow’s commitment to a controlled, state-backed digital currency launch.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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