Russia's largest bank Sberbank issues its first Bitcoin-backed loan

According to Odaily, Russia's largest bank, Sberbank, has issued the country's first loan backed by crypto assets to the major local bitcoin mining company Intelion Data. Sberbank stated that the loan is secured by digital currencies mined by Intelion Data, but did not disclose the loan amount, the quantity of collateralized assets, or the term, and defined it as a "pilot" business.

Sberbank pointed out that such products are not only suitable for mining companies, but may also be promoted to enterprises holding crypto assets. The bank used its own crypto asset custody solution, Rutoken, in the transaction to ensure the security of the collateral during the loan period. Sberbank Deputy Chairman Anatoly Popov stated that digital asset regulation in Russia is still at an early stage, and the bank is willing to cooperate with the central bank to improve relevant rules, using this pilot as a reference for future regulation and infrastructure development. Intelion Data CEO Timofey Semenov said that this transaction is an important practical case for industry development, and if successful, it may be further promoted in Russia's mining sector. (DL News)