Russia's largest bank, Sber, has recently introduced a new product: a bitcoin-linked bond that allows you to benefit from both the rise in bitcoin prices and the depreciation of the ruble. In simple terms, it's like a 'double insurance'; if bitcoin rises or the ruble falls against the dollar, you can make a profit.
How do ordinary people play?
No need to touch cryptocurrencies: All transactions are settled in rubles, no need to register overseas accounts or buy bitcoin wallets; the bank handles the behind-the-scenes operations.
Principal protection + returns: The principal will be returned to you in rubles at maturity, and the returns come from two parts - how much bitcoin has increased + how much the ruble has decreased.
For example, if bitcoin rises by 10% and the ruble falls by 5%, the total return is 15%.
Available for purchase on June 4: Currently, it can only be bought on the over-the-counter market (exclusive to high net worth clients); it will be listed on the Moscow Exchange on June 4, allowing ordinary people to participate through a securities account.
Why is the bank doing this?
Bypassing sanctions: Due to Western sanctions, products linked to bitcoin and the ruble allow companies to secretly exchange currency for international trade.
Money-grabbing opportunity: Russians hold $9.2 billion in bitcoin, and banks don't want all this money to flow into the black market, so they simply issue products to collect fees.
Policy loophole: The Russian central bank allows financial institutions to sell 'bitcoin-related products' but prohibits direct trading; this operation is completely compliant.
Where's the risk?
The ruble might fare worse: If bitcoin falls but the ruble falls even more sharply, you might actually lose money (though banks may set a minimum guarantee mechanism).
Policy upheaval: If one day Russia bans such products, you might lose everything (but the probability is low, as the central bank approved it).
Poor liquidity: The bond has just been listed, and there are few buyers and sellers, making it difficult to liquidate in a hurry.
Should ordinary people buy?
Want to bet on bitcoin rising: It's steadier than directly buying coins, after all, there's a ruble safety net.
Fear of ruble depreciation: It's like hedging against inflation, better than saving in the bank.
Cautious for conservatives: Although there's principal protection, the returns are highly volatile, so don't expect to make a guaranteed profit.
In summary, this is the Russian version of 'structured deposits,' using bitcoin and rubles to play seesaw.
Ordinary people wanting to test the waters should invest small amounts first, not go all in.
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