Russian bank for the first time issued a loan secured by cryptocurrency

For the first time in the Russian market, a borrower was able to attract a loan from a bank secured by a cryptocurrency collateral.

Expobankissued the first loan in Russia secured by the Waves project cryptocurrency. Kommersant reports that the loan was issued as a bank loan for businessman Mikhail Uspensky.

The credit institution considers this caseprecedent for both the legal and banking communities. Issued a loan using the escrow mechanism. The tokens were transferred to the bank with the help of a notary who was also involved in the transaction.

The lawyer qualified the Waves project tokens asobjects of "other property" that fall under the civil law. And although the deal is innovative for the FR, it is structured well within the framework of Russian legislation.

“Waves tokens can be legally used in Russia. In our country there are no restrictions on the circulation of insolvent tokens in our country there is no ", - says the founder of the LFCS company Yuri Borisov.

Recall that in August 2020, Vladimir Putin signed the law “On digital financial assets”. It will enter into force on January 1, 2021. We talked more about the law here.

It should also be said that issued by Expobanka loan is not the first case in the practice of the Russian Federation when cryptocurrency was used as collateral. But earlier, such loans were issued by special companies. For example, the p2p platform Biterest and other similar services.

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