Russia's largest bank, Sberbank, has officially issued the country's first loan secured by cryptocurrency assets, marking a significant step in bringing crypto closer to the traditional financial system. The recipient of this pilot loan is Intelion Data, one of Russia's largest Bitcoin mining companies, demonstrating that Mining is gradually gaining acceptance by mainstream financial institutions as a legitimate source of credit.
According to published information, Sberbank did not disclose the loan amount, loan term, or the specific type of cryptocurrency used as collateral. However, it is noteworthy that all crypto used to secure the loan will be internally held in custody through Rutoken, a solution developed by Sberbank itself. These assets will be held within the bank's custodianship system until the repayment obligation is fulfilled, thereby minimizing price volatility and legal risks for both parties.
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This move comes as Russia is gradually finalizing its legal framework for digital assets, particularly in B2B transactions and activities related to Bitcoin mining. Following international sanctions that have tightened access to the global financial system, many Russian businesses, especially in the energy and technology sectors, have accelerated the adoption of blockchain and cryptocurrencies as an alternative financial tool.
