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Sber prepares to expand crypto collateral options

Sber is planning to broaden its crypto-backed lending products in Russia by adding USDT and Ether alongside Bitcoin. According to Anatoly Popov, the bank’s deputy chairman, the expansion will be rolled out gradually as the country’s new crypto law comes into force.

Popov told TASS that the bank will adapt its existing products and introduce the new options step by step. But USDT and Ether can only be used as collateral if the Central Bank of Russia first allows those assets to trade on a regulated market.

What the new law and approval process mean

Which assets fall under the central bank’s authority?

The law signed by Vladimir Putin on August 4 sets the framework for a regulated crypto market in Russia. Its core provisions will take effect on September 1, and the Central Bank of Russia will decide which cryptocurrencies may be traded on licensed platforms.

In a proposal on August 11, the central bank put Bitcoin, Ether and USDT forward for regulated exchange trading. The bank said the three assets meet certain conditions:

  • they are large enough in terms of market capitalization,
  • they meet the required trading volume threshold,
  • and they have at least five years of price history on overseas markets.

This means the digital assets that Sber can include in its loan products will also depend directly on regulatory decisions. While the bank’s plans are clear, the implementation timeline will be shaped by the central bank’s formal approval process.

Questions remain over demand for the digital ruble

Why is Sber taking a cautious approach?

As Sber prepares to consider private crypto assets as collateral, it is taking a more cautious stance on the digital ruble, Russia’s central bank digital currency. The bank’s chief financial officer, Taras Skvortsov, said they do not see strong signs of broad demand.

According to Skvortsov, retail customers, companies and financial institutions are not showing clear demand for the tool. Wider use of the digital ruble is also expected to be introduced on September 1.

Sber’s approach suggests that two different digital money tracks are moving at different speeds in Russia’s financial system. While loan products backed by assets such as Bitcoin, Ether and USDT are set to expand in the regulated market, interest in the state-backed digital ruble remains limited.

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