Sber Expands Crypto-Backed Lending, Takes Cautious View on Digital Ruble

Russia's largest bank, Sber, is expanding its crypto-backed lending to accept Tether's USDt stablecoin and Ether as collateral alongside Bitcoin. This move comes as Russia introduces regulated crypto trading under a new law.

The Bank of Russia proposed Bitcoin, Ether, and USDT for regulated exchange trading on August 11, citing market capitalization, trading volume, and price history requirements. Sber will adapt its existing products to accommodate the additional assets after they are permitted by the central bank.

Sber's Deputy Chairman Anatoly Popov said the bank plans to gradually expand its offerings as Russia's new crypto law takes effect on September 1. The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges.

The bank is taking a cautious view of the digital ruble, Russia's central bank digital currency (CBDC). Sber's Chief Financial Officer Taras Skvortsov stated that he sees little evidence of broad demand for the CBDC. 'I don't see any clear interest in this instrument, apart from the central bank's,' he said.

The new law and the expansion of crypto-backed lending could have significant implications for Russia's financial sector. However, the response to the digital ruble remains uncertain.