Sovcombank unveils Russia’s first bitcoin-backed loans

Sovcombank launched Russia’s first bitcoin-backed loans, letting businesses and individuals secure ruble financing with bitcoin collateral. The move targets miners and crypto holders, reflecting growing crypto adoption in Russian banking.

Sovcombank has become the first major Russian bank to launch fully operational bitcoin-backed loans, enabling both individuals and corporations to secure financing with their legally owned digital assets. This new product allows businesses to pledge bitcoin as collateral for ruble loans, applying a 50% collateral discount. Interest rates are set at the central bank’s key rate plus seven percentage points, currently totaling about 23%. To qualify, companies must have operated in Russia for at least one year, have no overdue tax obligations, and provide financial statements to the tax authority. The offering is especially attractive to crypto miners and businesses seeking liquidity without selling their bitcoin holdings. Sovcombank’s initiative follows a pilot by Sberbank and aligns with Russia’s evolving regulatory stance as the government prepares to classify cryptocurrencies as monetary assets. This launch marks a significant step in integrating digital assets into Russia’s traditional banking sector and signals growing institutional acceptance of crypto-backed financing.