Important points
- Sberbank, Russia's largest bank, has launched the country's first corporate loan backed by cryptocurrencies mined by AO Intelion Data.
- Deputy CEO Anatoly Popov said the pilot will help Russia test collateral mechanisms for digital assets as it develops crypto regulations.
According to a recent announcement, Sberbank executed a pilot loan with mining company AO Intelion Data, using self-mined crypto secured through Sber's internal storage platform and Rutoken hardware as collateral.
Anatoly Popov, deputy CEO of Russia's largest lender, said the test confirms cooperation with the central bank in developing rules and infrastructure for cryptocurrencies. He pointed out that digital collateral products could be useful not only for miners, but also for any company that holds crypto assets.
Sberbank plans to launch crypto asset custody services, strengthening its role in Russia's digital asset market. The move comes after Russia's central bank eased its stance on cryptocurrencies, allowing their use in international trade amid continued Western sanctions.
These services from Sberbank include the same security guarantees as bank account assets and provisions for asset freezing in case of suspected illegal activity.
