Russia is officially enacting its crypto market law on Sept. 1, 2026, and its largest bank is moving quickly. Sber plans to expand its list of crypto assets eligible for loan collateral by adding USDT and Ether to its system alongside Bitcoin. The legislation, signed by President Vladimir Putin on Aug. 4, provides a new legal framework allowing the banking sector to engage directly with foreign digital assets.
According to a TASS report on Friday, Sber Deputy Chairman Anatoly Popov publicly announced the crypto collateral expansion plan. The initiative is now awaiting authorization from the Bank of Russia to trade foreign crypto assets on public exchanges.
The Bank of Russia has previously shown an open stance. On Aug. 11, the central bank proposed allowing Bitcoin, Ether, and USDT to be traded on regulated exchanges. The central bank set three strict criteria for eligible assets: sufficient market capitalization, high trading volume, and at least a five-year price history track record in foreign markets.
Contrasting Fates for Crypto and the Digital Ruble
Amid strong backing for private crypto, one financial instrument is being largely dismissed by Sber: the digital ruble. Sber Chief Financial Officer Taras Skvortsov openly criticized the central bank’s Central Bank Digital Currency project.
“I do not see any clear interest in this instrument, other than from the central bank itself,” Skvortsov said regarding the adoption outlook for the digital ruble. This candid statement underscores a clear divide between assets demanded by the market and those pushed by the government.
Internal feedback at Sber confirms this market apathy. Bank management stated that retail clients, corporate clients, and financial institutions have not actively driven digital ruble adoption. There is no organic customer demand forcing the bank to accelerate CBDC integration into its daily services.
Market Reality Outweighs State Ambition
Sber’s contrasting posture highlights the real dynamics in Russia’s financial sector today. The banking industry is eagerly embracing mainstream crypto like USDT and Ether as soon as the rules take effect next month. On the other end, the central bank’s priority project is being sidelined because there is simply no real demand from customers.
For Russian citizens and businesses, Sept. 1 marks a new chapter. The market will soon see whether banks can absorb domestic crypto liquidity through these lending schemes, or if the digital ruble will have to be forcefully injected to compete with USDT’s dominance on the ground.
Reported by Cointelegraph.
Previously: Russia’s Sberbank Ready to Accept Ethereum and USDT Loan Collateral - Pending 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.
