Sberbank conducts pilot project to issue corporate loan secured by cryptocurrency

MOSCOW. Dec 26 (Interfax) - Sberbank has conducted a pilot loan secured by cryptocurrency mined by JSC Intelion Data, the bank said.

Sberbank used its own Rutoken cryptocurrency storage solution in the transaction, which guarantees the asset's safety during the loan period, the bank notes.

"Regulating the digital currency market is in its infancy in Russia. We are ready to collaborate with the Central Bank of Russia to develop the relevant regulatory solutions and establish the infrastructure to launch these services. The pilot loan has allowed us to test processes for working with digital security, which could form the basis for future regulation. We believe that the product should be relevant not only for cryptocurrency miners, but also for companies that own crypto assets," Anatoly Popov, Sberbank's Deputy Management Board Chairman, said in a press release.