Russia's largest bank Sberbank is preparing to accept cryptocurrency as collateral for issuing loans

According to The Block, Russia's largest bank Sberbank is planning to launch a corporate loan product backed by cryptocurrency. A spokesperson for the bank stated that this move is driven by strong customer demand and mentioned that they are ready to collaborate with the Central Bank of Russia to develop the relevant regulatory framework.

The plan follows a similar path to international banks, such as JPMorgan exploring such products, while Wells Fargo has already provided related services. At the end of last year, Sberbank completed a pilot transaction with mining company Intelion Data, which used its own digital currency as collateral, while the bank managed the collateral through its proprietary custody infrastructure and Rutoken hardware solution.