Russian Central Bank Cancels Bitcoin-Linked Bond Issuance

The issuance of two Russian structured bonds tied to the value of the leading cryptocurrency has been postponed by decision of the Central Bank. This was reported by Kommersant.

The products in question are from the companies Finam and Rumberg Capital. The planned issuance volume was set at $2.15 million and 200 million rubles, respectively. The bonds’ yield depended on the performance of BlackRock’s bitcoin ETF.

The bonds were intended for qualified investors, with settlements conducted in rubles, and the cryptocurrency itself was not purchased.

According to the publication’s sources, the Central Bank made the decision amid incomplete legislative frameworks. Market participants expect new products linked to cryptocurrency values to emerge soon.

As reported in late February, outflows from bitcoin ETFs approached $3 billion.