Russia · Bitcoin · Cointelegraph
Russia’s Sber eyes USDT loans, questions digital ruble demand
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Russia’s largest bank, Sber, plans to accept USDT and Ether alongside Bitcoin as loan collateral as the country introduces regulated crypto trading under a new law.
Key facts
- The plans come as Russia rolls out a regulated crypto market under a law signed by president Vladimir Putin on Aug. 4, with core provisions taking effect Sept. 1
- Sber has taken a more cautious view of the digital ruble, Russia’s central bank digital currency (CBDC), ahead of its wider rollout on Sept. 1
- Sber will adapt its existing products and gradually expand its offerings as Russia’s new crypto law takes effect, Deputy Chairman Anatoly Popov said, according to a Friday TASS report
- The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges
Summary
Russia’s largest bank, Sber, plans to expand its crypto-backed lending to accept Tether’s USDt stablecoin and Ether as collateral alongside Bitcoin, according to a senior executive. Sber will adapt its existing products and gradually expand its offerings as Russia’s new crypto law takes effect, Deputy Chairman Anatoly Popov said, according to a Friday TASS report. The plans come as Russia rolls out a regulated crypto market under a law signed by president Vladimir Putin on Aug. 4, with core provisions taking effect Sept. 1. The law gives the Bank of Russia authority to determine which crypto assets can trade on regulated exchanges.