Sovcombank launches bitcoin-backed loans for Russian miners and businesses

Sovcombank, the ninth-largest Russian bank, announced it is the first financial institution in Russia to offer bitcoin-backed loans to individuals and corporations who legally possess digital assets. This follows a pilot program by state-owned Sberbank. Sovcombank's compliance director, Marina Burdonova, stated the loans allow clients to secure financing for business development without selling their crypto assets. Access is restricted to those with legally owned digital assets. This development occurs amid regulatory uncertainty but growing interest from Russian banks in crypto-secured lending, especially since crypto mining became legal in Russia in November 2024. Burdonova noted that mining has evolved into an investment class, and Sovcombank sees potential in partnering with all crypto industry participants.

(Source：CoinDesk)