Sovcombank Launches Bitcoin-Backed Loans for Individuals and Corporations
- Sovcombank is the first Russian bank to offer bitcoin-backed loans to clients who legally own digital assets.
- The initiative follows a pilot program by Sberbank, which issued a similar product to Intelion Data in December.
- Only individuals and companies with legal ownership of digital assets can access these lending products.
- Crypto mining became legal in Russia on November 1, allowing registered entities to engage in the activity.
- The Russian government previously imposed a six-year ban on crypto mining in ten regions due to high energy consumption.
This development highlights the growing interest among Russian banks in crypto mining and lending against digital assets, despite ongoing regulatory challenges. Sovcombank aims to support business financing while allowing clients to retain their bitcoin holdings.
With this new offering, Sovcombank positions itself as a pioneer in the Russian financial sector, enabling clients to leverage their digital assets for business growth without liquidation.(Source)
