Bank in Russia issues first loan backed by cryptocurrency

RUSSIA / FSU POLITICS - In Brief 20 Aug 2020 by Alex Teddy
On August 18 Lender Expobank lent money to Mikhail Uspensky. He offered Waves crypto tokens as security for the loan. The amount of the loan is secret. Lawyers were consulted before the issuance of the loan. Waves tokens are recognized as property and they have been deposited in an escrow account as collateral for the loan. Earlier in 2020 Russia passed a law on cryptocurrency. Digital currency insiders think that the rules are too tight. Russians are not allowed to use cryptocurrencies to pay for things. Businesses are not allowed to advertise cryptocurrency as a way pay for things either.

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