Russia’s Largest Bank Wants Bitcoin and Ethereum as Collateral

Sberbank plans to accept Bitcoin (BTC), Ether (ETH) and Tether (USDT) as loan collateral, deputy chairman Anatoly Popov told TASS on Friday. Russia’s largest lender wants the coins as security, not as money.

Paying with crypto in Russia remains banned when the country’s digital currency law takes effect on September 1. Collateral is Legal, but Spending is Not A Russian company can pledge Bitcoin to a bank, but it still cannot buy a coffee with it.

Popov said Sberbank prepared for the rule change early and already handles digital assets. However, he made the expansion conditional.

“We plan to accept not only Bitcoin but also Ethereum and the stablecoin Tether as collateral… after the Central Bank, of course, allows them for public circulation,” local media reported. President Vladimir Putin signed the law on August 4.