Sberbank Plans to Accept Bitcoin and Ether as Loan Collateral, Pending Central Bank Approval
MOSCOW, Aug 28. Sberbank, Russia's largest lender, intends to accept Bitcoin ($BTC), Ether ($ETH), and Tether (USDT) as security on loans, deputy chairman Anatoly Popov told TASS on Friday. The expansion is conditional on the Bank of Russia authorizing those coins for public circulation, a step the regulator has not yet taken.
Key takeaways
- Sberbank intends to accept Bitcoin, Ether, and Tether (USDT) as collateral on loans, contingent on Bank of Russia authorizing those coins for public circulation, which has not yet happened.
- Russia's digital currency law, signed by President Putin on August 4 and taking effect September 1, bars crypto from being used for domestic payments while allowing it to be pledged as loan collateral.
- The Bank of Russia's first approved coin list cleared only three coins—Bitcoin, ether, and USDT—based on size, high daily turnover, and at least five years of price history on foreign exchanges.
- Non-qualified individual investors are capped at 300,000 rubles (roughly $3,632) of crypto per year per intermediary, while corporate borrowers face no annual ceiling.
- Sberbank has disclosed no loan-to-value ratio, interest rate, or launch timeline, and ties its expansion plans to central bank permissions not yet issued.
MOSCOW, Aug 28. Sberbank, Russia's largest lender, intends to accept Bitcoin ($BTC), Ether ($ETH), and Tether (USDT) as security on loans, deputy chairman Anatoly Popov told TASS on Friday. The expansion is conditional on the Bank of Russia authorizing those coins for public circulation, a step the regulator has not yet taken.
President Vladimir Putin signed Russia's digital currency law on August 4. A week later, the Bank of Russia published its first approved coin list, screening for size, high daily turnover, and at least five years of price history on foreign exchanges. Only three coins cleared that screen: Bitcoin, ether, and USDT. The regulator was explicit that others remain outside it.
The law takes effect September 1. Under it, crypto cannot be used for payments inside Russia. Exporters and importers receive a carve-out for foreign trade settlements; everyone else does not. A company can pledge Bitcoin to a bank. It cannot use that same Bitcoin to settle a domestic invoice.
Popov said Sberbank prepared for the rule change early and already handles digital assets. He tied the collateral expansion explicitly to central bank clearance, local media reported. The bank disclosed no loan-to-value ratio, interest rate, or launch timeline.
The economics favor the structure. With the key rate at 14% as of August 28, money is expensive in Russia, and that cost shapes demand. A miner or corporate treasury can sell coins and surrender future appreciation, or pledge them and pay interest. The collateral route preserves upside.
Corporate borrowers face no annual ceiling on crypto exposure. Ordinary Russians do. The law caps non-qualified investors at 300,000 rubles, roughly $3,632, of crypto per year per intermediary.
The bank closed a crypto-backed lending pilot in December 2025 and is targeting a digital depository by December 1, the release shows. Popov tied all expansion plans to central bank permissions not yet issued.
One detail stands out. USDT is quoted at $0.9999, while Bitcoin moves every day. One asset requires a thin haircut on a pledged loan; the other requires a deep one. And if a borrower defaults, Sberbank would need to liquidate the collateral inside a country where spending crypto remains prohibited.