Sberbank Predicts $46.4 Billion Russia Crypto Market Growth
Russia's new cryptocurrency regime is set to take effect from September 1st, and Sberbank, the country's largest bank, is preparing to expand its lending business using cryptocurrencies. According to Vice President Anatoly Popov, crypto trading could reach up to 4 trillion roubles ($46.4 billion) in the first year under the new regime.
The forecast is based on conservative estimates and takes into account the possibility that many trades may continue to take place through exchange services rather than official exchanges. The deadline for professional market participants to obtain licenses runs until July 1, 2027, making it difficult for the market to fully settle within a year of the regime taking effect.
Sberbank plans to expand its lending business beyond Bitcoin-backed loans to include Ether and Tether (USDT) as collateral. The expansion is seen as being influenced by Russia's high interest rate environment, where miners and other holders of cryptocurrencies can borrow against their holdings while continuing to hold the assets.
The Bank of Russia has presented a draft list of assets eligible for public trading, which includes Bitcoin, Ether, and USDT. However, the expansion of crypto-backed loans depends on further approval from the central bank.