Russia’s Largest Bank Issues Statement on Bitcoin and Ethereum

Russia’s largest bank, Sberbank, is preparing to expand its cryptocurrency-backed loan products. The bank plans to accept Ethereum ($ETH) and Tether ($USDT) as collateral for loans in addition to Bitcoin (BTC) in the future.

According to the Russian news agency TASS, Sberbank Deputy Chairman of the Board Anatoly Popov said the bank will continue to develop loan products secured by digital assets. Popov noted that Sberbank already has practical experience working with crypto assets.

Popov stated that once the new regulatory framework prepared in Russia fully comes into effect, the bank will adapt its existing products to the new rules and gradually expand its cryptocurrency-related services.

Ethereum and $USDT Could Be Added Alongside Bitcoin

According to Sberbank’s plan, the bank will not be limited to Bitcoin for digital asset-backed loans. Ethereum and the dollar-backed stablecoin Tether are also targeted to be accepted as collateral in the future.

However, the plan’s implementation will depend on regulatory approval. Popov added that, in particular, the Russian Central Bank would need to allow $ETH and $USDT to be publicly circulated in order for them to be used as collateral.

*This is not investment advice.