Sberbank, Russia’s largest bank, plans to accept Bitcoin, Ether and the Tether stablecoin as collateral for corporate loans. Russia’s new digital currency law, signed by President Putin on August 4 and effective September 1, bans crypto payments while allowing crypto to be used as loan security. The Bank of Russia approved only three cryptocurrencies based on criteria including size, daily trading volume and at least five years of price history on foreign exchanges. With the key rate standing at 14% as of August 28, crypto-backed borrowing addresses a real demand from Russian businesses. Individual Russians are capped at 300,000 rubles per year per intermediary, with no such ceiling for corporate borrowers.
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