TLDR
- Sovcombank has introduced a new loan product secured by Bitcoin for businesses in Russia.
- Eligible companies must operate in Russia for at least one year and have no outstanding tax debts.
- The loans carry an interest rate of 23 percent and offer a 50 percent discount on Bitcoin collateral.
- This move follows a similar pilot program launched by state-owned Sberbank in December.
- The Russian government is planning to classify cryptocurrencies as monetary assets by July 1.
- Businesses in the crypto mining sector show strong interest in these loans to avoid selling digital assets.
Sovcombank has announced a new lending product in Russia that allows legal entities to secure fiat loans with Bitcoin. This move follows a similar step taken by the state-owned Sberbank, Russia’s largest financial institution. Both banks are testing crypto-backed loan models ahead of expected national regulations.
Sovcombank Enters Bitcoin-Backed Lending Market
Sovcombank confirmed it will issue corporate loans against Bitcoin to companies operating in Russia for over one year. These entities must also show compliance with tax regulations and provide current financial statements to qualify. The loan program follows a collateral discount model and is capped at a two-year repayment term.
The bank will apply a 50% discount to Bitcoin used as collateral, setting interest rates at 23% using the central bank’s rate plus 7%. Sovcombank’s Director of Compliance Marina Burdonova said the product offers flexibility for crypto holders. “Bitcoin collateral allows them to raise funds without being forced to sell the asset,” she told Kommersant.
Companies must store their digital assets during the loan period and meet additional eligibility rules. Sovcombank aims to support firms hesitant to liquidate Bitcoin due to current price volatility. The bank’s new service shows growing institutional interest in cryptocurrency finance.
Russia Sees Rising Demand From Crypto-Focused Businesses
Russia’s crypto mining and blockchain industries are driving demand for crypto-secured credit products. Industry leaders say these loans help miners manage operations without selling coins during downtrends. Intelion Data JSC was the first firm to receive a Bitcoin-backed loan in December from Sberbank.
Miners prefer crypto loans to preserve their holdings as market conditions shift. “Miners are interested in loans that do not require selling assets,” said Ivan Melikhov of the Industrial Mining Association. These products offer a way to fund expansion without reducing Bitcoin exposure.
However, mining firms remain cautious as crypto prices fluctuate sharply. A sharp drop could reduce the value of pledged collateral, raising risk for borrowers and lenders. The Bank of Russia’s upcoming regulatory framework may address these concerns.
Legal Framework Expected to Evolve by July 1
Russia currently classifies cryptocurrency as “other property,” allowing its use as loan collateral under existing law. Regulators plan to redefine digital currencies and stablecoins as “monetary assets” by mid-2026. This change is part of a broader legal update expected to support crypto-based financial services.
Sberbank tested infrastructure for crypto loans using Rutoken, an internal storage solution to safeguard pledged digital assets. The bank stated it sees potential for growth after clearer rules are introduced. Kommersant reported that other top Russian banks may follow soon.
EXMO.me’s Mikhail Smirnov said banks may apply collateral discounts ranging from 40% to 60%, depending on market conditions. Dmitry Zuev of NGE FARM warned that collateral values could drop below loan levels if prices fall quickly. If that happens, borrowers may need to provide additional collateral.
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Maxwell Mutuma