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.
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.