Market News

Russia Embraces Crypto: Sberbank Poised to Launch Crypto-Backed Loans

Sberbank, Russia’s largest bank, is set to introduce loans backed by cryptocurrency, collaborating with the central bank to establish regulatory guidelines.

This initiative follows a successful pilot in January, where Sberbank issued the first bitcoin-backed loan to IntelionData, a notable player in the Bitcoin mining sector.

The demand for digital financial assets is on the rise, with Sberbank reporting a significant increase in its digital asset issuance, jumping to 408 billion rubles (approximately $5.3 billion) in 2025.

This figure contrasts sharply with earlier years, showcasing a growth of 5.6 times compared to 2024 and 204 times relative to 2023 figures.

Despite this rapid expansion in digital assets, Sberbank maintains a robust traditional banking framework, with a corporate loan portfolio of RUB 30.4 trillion ($365 billion) and a retail loan book of RUB 18.8 trillion ($226 billion).

Deputy Chairman Anatoly Popov highlighted Sberbank’s offerings, which include structured bonds linked to Bitcoin and Ether, further indicating the bank's interest in decentralized finance (DeFi) opportunities.

Another bank, Sovcombank, has also ventured into the crypto-backed lending space, launching its services for individuals and businesses in February.

With the recent reopening of the cryptocurrency market under new regulations set by the central bank, expectations are high for the completion of comprehensive legislation by July 2026.

Sberbank’s new lending program aims to serve a broader market, targeting not just mining firms but also businesses with cryptocurrency holdings.

This development marks a pivotal moment in Russia's evolving relationship with cryptocurrency and financial innovation.