The largest Russian bank, Sberbank, is preparing to expand its range of credit products backed by cryptocurrencies. In the future, in addition to Bitcoin ($BTC), the bank plans to accept not only Bitcoin ($BTC) but also Ethereum ($ETH) and Tether ($USDT) as loan collateral.
As reported by the Russian news agency TASS, Anatoly Popov, Deputy Chairman of the Board of Sberbank, stated that the bank will continue to develop credit products secured by digital assets. Popov noted that Sberbank already has practical experience working with crypto assets.
Popov stated that after the full enactment of the new regulatory framework being prepared in Russia, the bank will adapt its existing products to the new rules and gradually expand the range of services related to cryptocurrencies.
In Addition to Bitcoin, Ethereum and $USDT Could Be Added.
According to Sberbank's plan, the bank will not limit itself to Bitcoin for digital asset-backed loans. In the future, it is also planned to accept Ethereum and the dollar-backed stablecoin Tether as collateral.
However, the implementation of the plan will depend on approval from regulators. Popov added that, in particular, the Central Bank of Russia will need to permit the public circulation of $ETH and $USDT assets for them to be used as collateral.
*This is not investment advice.
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