Sberbank Prepares to Expand Crypto-Backed Loan Products
Russia's largest bank, Sberbank, is set to expand its cryptocurrency-backed loan products. In addition to Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) will be accepted as collateral for loans in the future.
Sberbank Deputy Chairman of the Board Anatoly Popov stated that the bank already has practical experience working with crypto assets. He noted that once the new regulatory framework prepared in Russia fully comes into effect, Sberbank will adapt its existing products to the new rules and gradually expand its cryptocurrency-related services.
The plan's implementation will depend on regulatory approval from the Russian Central Bank. In particular, the bank needs to allow ETH and USDT to be publicly circulated in order for them to be used as collateral.