Sber, Russia's largest bank, will begin accepting Bitcoin as collateral for loans on September 1 under the country's new crypto regulations, according to a statement by Sber Deputy Chairman Anatoly Popov on August 29.
The move follows Russia's legalization of cryptocurrency transactions, which takes effect on the same date. Sber's acceptance of Bitcoin marks the first major Russian financial institution to formally integrate digital assets into its lending framework. Ether and USDT remain conditional on future approval from the Bank of Russia and are not guaranteed for the September 1 launch.
Sber holds roughly 30 percent of Russia's banking assets by some measures and processes a significant share of retail and corporate lending in the country. The Bank of Russia has historically taken a cautious stance on cryptocurrency but has moved toward a licensing framework for crypto service providers under the new law.
The collateral acceptance applies to all three assets only if the central bank grants approval. Bitcoin's inclusion from day one indicates the Bank of Russia has already cleared it internally. Sber did not disclose loan-to-value ratios, minimum collateral amounts, or pricing terms for the new product.
Russia's crypto regulations had been debated for years before passage. The law requires crypto exchanges and custodians to obtain licenses from the Bank of Russia and prohibits use of digital assets as direct payment for goods and services within Russia, though cross-border transactions remain permitted. Sber's move places it ahead of competitors in capturing demand from Russian crypto holders seeking credit against their holdings.
The announcement comes as sanctions and capital controls have made traditional credit harder to access for some Russian businesses and individuals. Bitcoin collateral loans could provide an alternative funding channel, though Sber has not disclosed expected volumes or risk appetite for the product. The bank will likely face pressure from other major Russian lenders to launch similar offerings to compete for this segment.
