Overview
- Sberbank anticipates Russian crypto trading could reach 4 trillion rubles (about $46.43 billion) in the first year of new regulations, potentially increasing to 7.5 trillion rubles (around $87 billion) by 2029.
- The bank plans to accept Ethereum and Tether's USDT as loan collateral alongside Bitcoin, pending Central Bank approval for their public use.
- These developments follow the launch of Russia's crypto legislation on September 1.
Sberbank, Russia's largest bank, is preparing for a surge in cryptocurrency trading as new regulations come into effect, allowing it to accept Ethereum and USDT as collateral for loans.
Anatoly Popov, Deputy Chairman of Sberbank, indicated that the projected trading volume for cryptocurrencies in Russia could hit approximately 4 trillion rubles, or roughly $46.43 billion, in the first year, with estimates suggesting it may rise to about 7.5 trillion rubles, or around $87 billion, by 2029.
The bank is also looking to broaden its crypto-backed lending services. "We plan to accept not only Bitcoin but also Ethereum and Tether as collateral," Popov stated, emphasizing that this expansion is contingent upon approval from the Central Bank for these assets to enter public circulation.
