Russia’s largest lender Sberbank explores crypto-backed loan with Bitcoin miner

Key Takeaways

• Sberbank, Russia’s largest bank, has launched the country’s first corporate loan backed by crypto mined by AO Intelion Data.
• Deputy CEO Anatoly Popov said the pilot helps test digital-asset collateral mechanisms as Russia shapes crypto regulation.

Sberbank ran a pilot loan with mining company AO Intelion Data that used self-mined crypto as collateral, secured through Sber’s internal custody platform and Rutoken hardware, according to a recent announcement.

Anatoly Popov, Deputy CEO of Russia’s largest lender, said the test supports cooperation with the central bank on developing crypto rules and infrastructure. He noted that digital-collateral products could be useful beyond miners to any firm holding crypto assets.

Sberbank is set to launch custody services for crypto assets, enhancing its role in Russia’s digital asset market. The move comes after the Russian central bank eased its position on crypto, permitting its use in international trade amid Western sanctions.

These services by Sberbank will include safety guarantees similar to those for bank account assets and provisions for asset freezing in cases of suspected illegal activities.

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