Sberbank to Accept Bitcoin, Ether, and Tether as Collateral Pending Central Bank Approval
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 conditional on the Central Bank allowing these assets for public circulation.
Sberbank prepared early for the rule change, which takes effect on September 1, when Russia's digital currency law comes into force. However, crypto payments remain banned in the country, with only exporters and importers exempt from this restriction.
The bank has already handled digital assets, but Popov declined to disclose loan-to-value ratios, interest rates, or a launch date for the new service. Sberbank's decision to accept these coins as collateral is likely driven by the high key rate in Russia, currently standing at 14% as of August 28.
The Central Bank recently published its first approved list of digital assets, with only three coins meeting the required criteria: size, high daily turnover, and a price history of at least five years on foreign exchanges. Bitcoin, Ether, and USDT cleared this screen, while other assets were rejected.