This post was originally published on this site.
Sberbank has conducted a pilot loan secured by cryptocurrency mined by Russia’s Intelion Data, the bank has said.
Sberbank used its own Rutoken cryptocurrency storage solution in the transaction, which guarantees the asset’s safety during the loan period. Intelion is an active participant in formulating the regulations and development guidelines for Russia’s industrial crypto mining industry, and also holds a leading position in AI development within the industrial crypto mining operator market
Anatoly Popov, Sberbank’s Deputy Management Board Chairman, said, “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.”
Further Reading
Russia’s Crypto Market Value Now Larger Than European Players