Sberbank Deputy Chairman Anatoly Popov expects crypto trading volume in Russia to reach 4 trillion rubles, or roughly $46.43 billion, in its first year of implementation. The projection marks a significant market shift following the country’s new crypto legal framework taking effect on September 1. According to Popov, that figure is just the beginning. He forecasts transaction volumes will rise to 7.5 trillion rubles ($87 billion) by 2029 - an estimate he considers conservative.
To keep pace with the market, Russia’s largest bank is preparing new credit products. Sberbank plans to accept Ethereum and USDT as loan collateral for clients. This initiative expands on its existing Bitcoin collateral option, though execution still hinges on approval from the Bank of Russia. Sberbank previously tested a similar system through a Bitcoin-backed pilot project with mining company Intelion in December 2025.
Why Miners Need Crypto Loans
Domestic monetary conditions are fueling demand for these credit facilities. Russia’s key interest rate currently sits above 14%. With fiat borrowing costs running high, crypto-backed loans offer a rational solution for miners, allowing them to secure cash liquidity for operations without having to sell their crypto holdings on the open market.
Three Assets Cleared by the Central Bank
The Bank of Russia enforces strict standards for digital assets permitted for public trading. The monetary authority has approved only three assets on its whitelist: Bitcoin, Ethereum, and USDT. All three qualified based on market capitalization, daily trading liquidity, and a minimum five-year price track record. In contrast, XRP, despite its large market cap, did not meet the central bank’s criteria.
Domestic Payment Ban Remains Intact
Crypto legislation signed by President Vladimir Putin in early August legalizes trading activities, asset custody standards, and cross-border settlements. Yet despite greater regulatory clarity, the law maintains one absolute prohibition: crypto cannot be used as a payment method for domestic purchases. For local residents, the regulation reinforces crypto’s role strictly as an investment instrument and global trade vehicle, rather than currency for everyday transactions.
Source: Decrypt.
Previously: Russia’s Sberbank Ready to Accept Ethereum and USDT as Loan Collateral - Subject to Central Bank Approval
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
