Sberbank plans to add ether and USDT as collateral for crypto-backed loans: Report
The Bank of Russia recently included ETH and USDT in a draft list of cryptocurrencies approved for public trading on Russian exchanges.
Russia's largest bank, Sber, intends to accept USDT and Ether alongside Bitcoin as collateral for loans now that Russia has enacted a new law allowing regulated cryptocurrency trading. According to a senior official, the bank will gradually introduce its existing products to accommodate this new form of collateral as the law comes into effect.
Deputy Chairman Anatoly Popov revealed these plans in a TASS report on Friday. Sber aims to incorporate these assets as collateral once the Bank of Russia permits them for public trading, which is anticipated to occur after the implementation of the new crypto law on September 1. The introduction of this law allows the Bank of Russia to determine which cryptocurrency assets can be traded on regulated exchanges.
On August 11, the central bank proposed Bitcoin, Ether, and USDT for regulated exchange trading, citing their meeting of criteria such as market capitalization, trading volume, and a minimum of five years of price history on overseas markets. Sber's CFO, Taras Skvortsov, expressed skepticism about the digital ruble, the country's central bank digital currency (CBDC), before its wider rollout on September 1.
Skvortsov stated that the bank does not perceive significant interest in the CBDC, except from the central bank itself, as neither retail nor corporate clients nor financial institutions are actively advocating for its adoption.
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