Sberbank, Russia's largest lender, plans to accept Bitcoin (BTC), Ether (ETH), and Tether (USDT) as collateral for loans, according to deputy chairman Anatoly Popov. The bank intends to use the cryptocurrencies as security rather than as payment, reflecting Russia's regulatory stance on digital assets.
The announcement comes as Russia implements new cryptocurrency rules. A digital currency law signed by President Vladimir Putin on August 4 took effect September 1, and the Bank of Russia published an approved list of cryptocurrencies that meet regulatory requirements. Bitcoin, ether, and USDT were the only three assets to clear the review, which required size, high daily turnover, and at least five years of price history on foreign exchanges.
Collateral Permitted, Spending Restricted
While Russian companies may now pledge crypto to banks as collateral, spending cryptocurrencies within the country remains prohibited. The only exception is for exporters and importers conducting foreign trade transactions.
Popov stated that Sberbank prepared for the regulatory changes in advance and already manages digital assets. He made the collateral program conditional on central bank authorization for public circulation of the approved cryptocurrencies.
Limited Details on Loan Terms
Popov provided no specifics regarding loan-to-value ratios, interest rates, or a launch date for the program. All details remain contingent on permissions the central bank has not yet issued.
The high cost of borrowing in Russia—with the key rate at 14% as of late August—has likely driven demand for collateral-backed lending. Miners and other crypto holders can either sell their holdings or pledge them as security and pay interest.
Access to the program remains limited. Russia's crypto law caps non-qualified investors at 300,000 rubles (approximately $3,632) of cryptocurrency per year per intermediary, though corporate borrowers face no such restrictions.
Prior Activity and Remaining Challenges
Sberbank closed a crypto-backed lending pilot in December 2025 and is targeting a digital depository by December 1. However, structural challenges persist: if a borrower defaults, Sberbank would need to liquidate seized cryptocurrencies in a market where spending them is illegal.
