Although still Russia did not regulate cryptocurrency, the crypto lovers keep doing their activities. Apparently, banks in Russia do not wait for regulations to bring clarity in cryptosphere. Recently, Russia’s first crypto-backed bank loan issued by one the commercial banks in this country.
Russia’s first crypto-backed bank loan; Expobank is the first in line
Expobank is one of the largest commercial banks in Russia. Recently, the bank issued Russia’s first ever loan, which backed by cryptocurrency.
The local news agency, Kommersant, reported on Aug. 19 that Expobank is issuing individual bank loans using Waves tokens. After that, Alexander Ivanov, the Waves CEO, confirmed the news on his twitter account. He mentioned that Expobank is using Waves tokens as collateral.
The first ever loan issued to a local entrepreneur earlier this week. Mikhail Uspensky is the first person who ever received the loan so far. Mikhail said that he doesn’t have plan to sell his Wave tokens and he is committed to keep using the Wave.
The data from Coin360 show that Waves token Price decreased by 5% in the past 24 hours and is around $4 per token.
Legal experts’ idea on cryptocurrency in Russia
Legal experts in Russia hope that the new type of loan will finally lead to legalization of cryptocurrency in Russia. They believe that it could help attract government attention to this sector. However, there is still a great deal of uncertainly.
A lawyer at firm Vegas Lex, Kirill Nikitin, noted that the circulation of crypto assets in this country is still under unclear regulations. In fact, people use the cryptos and show attraction to this market, but government still didn’t take any action in order to regulate them. Still people don’t know that which kind of crypto transfers are legitimized.
The government announced that they will release a regulatory clarity in late 2020.