A Russian bank is seeing interest in loans collateralized with Bitcoin.

crypthub

1 day ago

Emerging Crypto Lending in Russia

A major Russian bank is exploring loans backed by Bitcoin as collateral for cryptocurrency miners, signaling a shift towards greater integration of crypto into the financial system. This initiative highlights growing demand for crypto-backed lending, particularly within the regulated mining sector. The concept aims to provide funding for infrastructure projects and support small mining enterprises throughout Russia.

Regulatory Landscape and Tax Revenue

Russia legalized cryptocurrency mining in 2024, but regulatory clarity on other crypto operations remains limited. A significant portion of mining operations operate informally, leading to substantial losses in uncollected taxes estimated at over $120 million annually. Bringing more miners into the formal sector through accessible funding could increase tax revenue and industry legitimacy.

Future Legislation and Global Trends

Russia is preparing new crypto legislation expected in 2026, which may permit banks to work with cryptocurrencies and facilitate the adoption of crypto-backed loans. This move follows global trends, as using mined cryptocurrency as collateral and lending secured by mining equipment are common practices in countries like the United States. The initiative represents an early step in a potentially significant development for the Russian financial landscape.