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Sberbank Prepares to Offer Crypto-Backed Loans in Russia

Guavy AI Editorial Team
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Sberbank, Russia's largest bank, is expanding its services to include crypto-backed loans. This move follows recent regulations from the Central Bank of Russia that will take effect on September 1.

The new system allows banks to use Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) as collateral for loans. Previously, Russians who wanted to borrow against their cryptocurrency holdings had to sell them.

Sberbank plans to introduce crypto wallets and digital custody services later in 2023, further integrating the bank into the world of cryptocurrencies.

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