Russia’s largest bank, Sberbank, recently announced it’s launching the country’s first ETF. The exchange-traded funds will provide exposure to companies interested in investing in blockchain projects.
The ETF will track the Sber Blockchain Economy Index, including cryptocurrency assets and mining companies.
ETF to Be Traded in Russian Stock Market
The fund from Sber Asset Management was named Sberbank Blockchain Economy ETF. According to the bank’s statement, it will trade in the Russian stock market under the ticker SBBE.
With the Sberbank Economy Index, investors will find it easier to expand their portfolio and invest in crypto trading companies like Coinbase, Galaxy Digital, and blockchain software provider Diginex.
This index also includes crypto assets, mining companies, and other firms involved in the cryptocurrency and blockchain industry.
Still, according to the latest statements of Russia’s officials, the country has taken a negative stance on cryptocurrencies. Many officials believe crypto is used for money laundering or to finance terrorism.
In the recent announcement of the Russian central bank, the organization stated it’s looking into prohibiting cryptocurrency investments in the country. Additionally, it said it’s working on a Ruble-backed central bank digital currency (CBDC).
Regardless, cryptocurrencies are highly popular in Russia. According to the central bank’s November report, investors manage over $5 billion in transactions annually.