Sberbank, the largest bank in Russia, plans to develop lending secured by digital assets and, in the future, accept Bitcoin, Ethereum, and the stablecoin Tether as collateral.
In an interview with TASS published on August 28, Anatoly Popov, Deputy Chairman of the Bank’s Management Board, outlined the intention ahead of the Eastern Economic Forum. Popov stated that the bank prepared for the development in advance and already holds practical experience working with cryptocurrency. He said that as soon as the relevant law comes into full force, Sberbank will adapt its current products to the new requirements and begin to gradually expand their range.
Source: tass.ru
One example cited is the continued development of lending secured by digital assets. The bank plans to accept not only Bitcoin but also Ethereum and Tether as collateral after the central bank allows them for public circulation. Popov added that the list of accepted assets can be expanded immediately after all provisions of the new regulation come into force.
Russia’s largest bank is also preparing to launch a cryptocurrency wallet for its customers. First Deputy Chairman Kirill Tsarev announced the plan during the Bank of Russia’s Financial Congress. He said the bank expects to roll out the crypto wallet within a few months after the new law becomes active.
Sberbank plans to complete its digital asset depository by December 1. The depository will store customers’ cryptocurrencies and keep records of their digital assets under the new legal system.
Russia is preparing to allow trading of Bitcoin, Ether, and Tether through regulated exchanges as the country moves to bring cryptocurrency markets under a formal legal framework from September 1.
The Bank of Russia has proposed rules for organized cryptocurrency trading following legislation adopted by the State Duma in July. The framework would allow both retail and qualified investors to trade crypto through regulated intermediaries while imposing additional restrictions on non-qualified investors.
For retail investors, purchases of the most liquid cryptocurrencies would be capped at 300,000 rubles a year through each intermediary after completion of a required test. Qualified investors would also have to pass testing but would not face the same purchase limit and could trade cryptocurrencies without an amount cap.
The Bank of Russia has also proposed infrastructure covering exchanges, brokers, management companies, and digital depositories as part of the new market structure.
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