Sberbank Pioneers Crypto-Backed Lending in Russia Amid Regulatory Shift
Russia's financial landscape edges toward crypto integration as Sberbank, the nation's largest lender, executes its first cryptocurrency-collateralized loan. The pilot transaction with mining operator Intelion Data JSC—secured by mined digital assets—signals institutional adoption ahead of impending legislation. Sberbank utilized its proprietary Rutoken storage system for custody during the loan term.
Intelion ranks among Russia's top mining firms, commanding significant market share alongside Bitriver. Deputy Chairman Anatoly Popov framed the deal as a stress test for digital asset collateral frameworks, potentially shaping future regulations. The MOVE coincides with Moscow's phased crypto legalization, targeting comprehensive transaction rules by 2025.