Russia’s Expobank issues world’s first crypto-backed loan

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The Russian commercial bank Expobank has become the first lender in the country to issue a loan secured by cryptocurrency tokens, local media reported on Wednesday.

The loan, backed by Waves tokens, was issued to businessman Mikhail Uspensky, Waves founder Sasha Ivanov said. The loan value was not disclosed.

Russia’s president Vladimir Putin last month signed a bill that will prohibit the use of cryptocurrencies for payment in the country starting next year.

Expobank said it believes the use of the crypto tokens as collateral for a loan, defined as “property”, would be allowed under the new rules.

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