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The first Russian token-backed loan

Token-Backed Loan

For the first time a bank based in Russia has issued a loan to a customer that backed it with cryptocurrency tokens, in this particular case WAVES. According to the head of the legal department at Expobank: the transaction is “a precedent in nature for both the legal and the banking community”

Crypto in Russia

After a few years of uncertainty surrounding the legal status of cryptocurrencies, a bill was passed earlier this month that makes cryptocurrency trading a legal and taxable event; but cannot be used as a legal tender.

The advancement in Russia in terms of blockchain technology is notable to the point where out of the top 50 blockchain startups by funds raised, 20% were Russian in 2017/18.

Russian Banks

This isn’t the first important banking interaction with blockchain technology in the country. Earlier this month, one of the prominent banks Sberbank announced that they were working on releasing a Ruble-backed stablecoin.

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