Russia's Sberbank to Offer Crypto-Backed Lending with Bitcoin and Ethereum

Sberbank, Russia's largest bank, plans to offer crypto-backed lending once the country's new cryptocurrency legislation takes effect. The bank intends to accept Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) as collateral.

The bank will adapt its existing products after the law is fully in force and gradually expand its digital asset offerings. Sberbank is also preparing a cryptocurrency wallet for customers, which it expects to roll out within a few months after the new law becomes active.

The bank plans to complete its digital asset depository by December 1, which will store customers' cryptocurrencies and keep records of their digital assets under the new legal system. This move comes as Russia prepares to allow trading of Bitcoin, Ether, and Tether through regulated exchanges from September 1.