In Russia, for the first time, a loan secured by cryptocurrency was officially issued. Loan issued to entrepreneurMikhail Uspensky through the conclusion of an individual bank loan agreement secured by Waves tokens, Kommersant reports.
The process used the mechanism of conditionalescrow, which remains in Russia the best way to quickly fulfill obligations to the creditor by transferring property in the form of deposited digital assets.
As the founder of LFCS (Legal Support) Yuri clarifiedBrisov, who accompanied the transaction, also involved a notary. He carried out a deposit of tokens, which provided a mechanism for transferring the asset under the conditional control of the bank. Brisov added:
“Waves tokens can be absolutely legally used in Russia. There are no restrictions on the circulation of non-payment tokens in our country. "
As Alexander Zhuravlev, manager ofa partner of the law firm "EBR", participating in the support of the transaction on the part of the client, the deposit with a notary is carried out in accordance with special industry regulations. The fundamental point for the transaction is also the most correct legal qualification of the Waves platform tokens. It can be clearly stated that they, at least, fall under the definition of “other property” (Article 128 of the Civil Code of the Russian Federation), being full-fledged objects of civil rights. This legal position is shared not only by the academic community and leading lawyers, but also by the courts of the Russian Federation.
Ouspensky said:
“I don’t refuse plans to use Waves and I don’t see any point in selling tokens, but they should not be dead weight in my pocket, but should work”.
According to Mr. Uspensky, the crypto market already has the ability to pledge assets in exchange for money - this is DeFi (decentralized finance), but this is difficult to do with Waves tokens.
Head of New Markets DevelopmentWaves Association Maxim Pertsovsky emphasized that cryptocurrencies are gradually penetrating the banking sector. Waves became the first blockchain in Russia to implement a lending service secured by cryptocurrency.
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