Russian Crypto Dilemma – Fear of the Digital Coins but at the same time issuing of the First Crypto-Backed Loan

Russian Crypto Dilemma – Fear of the Digital Coins but at the same time issuing of the First Crypto-Backed Loan

According to available information, the Russian commercial bank Expobank has issued the first crypto-backed loan in the country this week.

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21 Aug 2020 , 15:45 @ Katie Müller

Russian Crypto Dilemma – Fear of the Digital Coins but at the same time issuing of the First Crypto-Backed Loan

Although a new law has been signed in Russia banning the use of cryptocurrency to buy goods or services, the Russian commercial bank issuing the first crypto-backed loan this week.

According to available information, the Russian commercial bank Expobank has issued the first crypto-backed loan in the country for the entrepreneur Mikhail Uspensky. This businessman bought the cryptocurrencies Waves in 2018, which he now used as a loan collateral.

But let’s look at the contrast in this case, where on the one hand we have last week’s statement from Anatoly Aksakov that Digital Coins could destroy the Russian Financial System, but a commercial bank is not afraid to use cryptocurrency as a collateral.

We have here also a newly signed law from President Vladimir Putin, which will banning the use of cryptocurrencies to purchase goods or services and will come into force on January 1, 2021.

It is very difficult to estimate the unequivocal attitude of the Russian Federation to cryptocurrencies, but one thing is clear that banks, which are the only ones that can be operators of the CFA exchange by law, are aware of the values ​​of cryptocurrencies and the first is Expobank.

Read also: Russia Fears that Digital Coins could destroy their Financial system

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