Key Takeaways
- Sberbank plans to accept bitcoin, ether, and tether as loan collateral.
- The expansion depends on Russia’s new crypto rules taking effect.
- Sber previously conducted a crypto-backed loan pilot with Intelion.
Sberbank Plans to Expand Crypto-Backed Lending
Sber, Russia’s largest bank, majority-owned by the government, plans to accept bitcoin, ether, and tether as collateral for loans, according to Anatoly Popov, deputy chairman of its management board. Popov disclosed the lending plans in an Aug. 28 interview with TASS ahead of the Eastern Economic Forum.
This proposed expansion will follow the implementation of Russia’s new cryptocurrency regulations and the central bank’s admission of the assets to public trading. Popov said Sberbank intends to adapt its existing products to the new requirements before gradually expanding its digital asset offerings.
Practical experience with cryptocurrency has already prepared the bank for the regulatory transition, according to the executive. Crypto-backed lending is among the products Sber intends to develop further once every relevant provision has taken effect, with bitcoin, ether, and tether included in its planned collateral list.
Earlier Pilot Tested Crypto as Collateral
Sberbank issued its first crypto-backed loan in December 2025 to Intelion, a Russian industrial cryptocurrency mining company, as part of a pilot. The transaction represented the bank’s initial test of digital assets as loan security and provided operational experience before a broader rollout.
That pilot used Sber’s internal systems and the Rutoken hardware platform to receive the digital collateral. Neither the loan amount nor the cryptocurrency pledged was disclosed. The first crypto-backed loan involved a controlled pilot arrangement designed to test the technology required to manage this type of security.
Crypto-backed borrowing allows an asset holder to obtain financing while retaining ownership of the pledged cryptocurrency, provided the loan’s collateral requirements remain satisfied. The lender can claim or liquidate the collateral under agreed conditions if the borrower defaults or its value becomes insufficient. Similar digital asset borrowing structures use cryptocurrency as security for credit.
Previously, Sberbank said such products could serve mining companies and other businesses holding digital assets in their reserves.
Bank of Russia Lists 3 Cryptocurrencies for Public Trading
The Bank of Russia named bitcoin (BTC), ether (ETH), and stablecoin tether (USDT) among the cryptocurrencies eligible for public exchange trading under proposed rules released Aug. 11. The central bank screened for market capitalization, daily trading volume, and at least five years of price history on foreign venues under the new legal framework.
Non-qualified investors would be permitted to purchase up to 300,000 rubles in eligible cryptocurrencies annually through each intermediary after passing a test. Qualified investors would also face testing requirements but could buy any cryptocurrency traded on exchanges or over-the-counter venues without a limit.
Russia’s broader crypto law is scheduled to take effect Sept. 1, establishing regulated roles for exchanges, brokers, custodians, asset managers, and other intermediaries. The State Duma passed the legislation in July, and President Vladimir Putin signed it Aug. 4, creating rules for cryptocurrency trading, custody, and cross-border transactions while retaining the prohibition on domestic crypto payments. Popov said Sberbank could broaden its collateral list after every provision of the new regulation becomes effective.
