Russia's largest bank has launched the country's first blockchain-focused exchange-traded fund (ETF).

 Sberbank, Russia's largest bank, established the country's first blockchain exchange-traded fund on Thursday, December 30. (ETF).

According to a release from Sber Asset Management, the fund is known as the Sberbank Blockchain Economy ETF and trades on the Russian stock exchange under the ticker "SBBE."

The ETF, which is based on the Sber Blockchain Economy Index and established by SberCIB, claims to be the country's first exchange-traded fund to provide exposure to companies using blockchain technology.

Investors can gain exposure to bitcoin trading companies including Coinbase, Galaxy Digital, and blockchain software company Digindex through this fund.

The index includes businesses that provide blockchain consultancy services in addition to cryptocurrency asset and mining businesses.

According to Sber Asset Management, the product will provide investors with exposure to the "blockchain economy without the obstacles associated with the direct development, procurement, storage, and selling of digital assets."

Indeed, there has been a spike in interest in ETFs that give investors exposure to blockchain and cryptocurrency companies all around the world. The United States, for example, recently made a variety of Bitcoin futures exchange-traded funds available to investors.

Russia's stance on cryptocurrency is still up in the air.

Russia has been vocal in its opposition to cryptocurrencies, arguing that they can be used for money laundering and terrorism financing.

The Russian central bank has stated in recent months that it aims to restrict cryptocurrency investments in the country and that it is working on a digital currency backed by the ruble (CBDC).

Three months ago, the Bank of Russia said that it was collaborating with commercial banks to postpone payments to cryptocurrency exchanges. The goal of limiting cryptocurrency exchange payments, according to one of the bank's employees, is to prevent "emotional" purchases by "unqualified" investors.

However, the Bank of Russia recently announced that rather than outright banning digital assets, it intends to create legislation to restrict their circulation.