Sberbank to Accept BTC, ETH, USDT as Collateral for Loans After Russia's New Crypto Rules Take Effect
Russia's largest bank, Sberbank, plans to expand its crypto-backed lending services by accepting Bitcoin (BTC), Ether (ETH), and Tether (USDT) as collateral after new regulations take effect.
The expansion depends on the implementation of Russia's new cryptocurrency regulations, which are scheduled to take full effect on September 1. Sberbank previously conducted a pilot program for crypto-backed loans with Intelion, a Russian industrial cryptocurrency mining company, in December 2022.
According to Anatoly Popov, deputy chairman of Sberbank's management board, the bank intends to adapt its existing products to the new requirements before gradually expanding its digital asset offerings. Popov said that Sberbank has practical experience with cryptocurrencies and is prepared for the regulatory transition.