Sber Expands Crypto Lending to USDT and Ether Amid Russia's Regulated Market Rollout
Russia's largest bank, Sber, is expanding its crypto-backed lending services to include USDT and Ether as collateral alongside Bitcoin. This move comes after Russia introduced regulated crypto trading under a new law.
The bank plans to adapt its existing products and gradually expand its offerings as the country introduces regulated crypto trading. The decision was made by Sber's Deputy Chairman Anatoly Popov, who stated that the bank will add the assets as collateral once they are permitted for public trading by the Bank of Russia.
This development is part of a broader effort to introduce a regulated crypto market in Russia, which aims to give the central bank authority over determining which cryptocurrencies can trade on regulated exchanges. The Bank of Russia has proposed Bitcoin, Ether, and USDT for regulated exchange trading, citing requirements such as market capitalization, trading volume, and at least five years of price history.
Sber's approach to the digital ruble, Russia's central bank digital currency (CBDC), is more cautious. The bank's chief financial officer Taras Skvortsov expressed skepticism about the demand for the CBDC, stating that neither retail nor corporate clients nor financial institutions are actively pushing for it.