Sberbank Seeks Crypto Collateral for Loans Amid High Russian Interest Rates

Russia's largest bank, Sberbank, plans to accept Bitcoin (BTC), Ether (ETH), and Tether (USDT) as loan collateral. According to deputy chairman Anatoly Popov, this move is not an attempt to use these assets as money, but rather as security for loans. However, paying with crypto in Russia remains banned, except for exporters and importers who can use it for foreign trade.

The Central Bank of Russia has approved a list of cryptocurrencies that can be used as collateral, including Bitcoin, Ether, and USDT. However, only these three have met the requirements of size, high daily turnover, and at least 5 years of price history on foreign exchanges.

With interest rates standing at 14% in Russia, the demand for crypto-backed loans is expected to be high. Sberbank has already launched a pilot program for crypto-backed lending and plans to open a digital depository by December 1.