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- Sberbank pilots Russia’s first crypto-backed loan with Bitcoin miner Intelion Data.
- Pilot deal signals banks warming to mining finance while regulation and custody frameworks remain experimental.
Sberbank has taken a new step in Russia’s digital finance sector by issuing the country’s first loan backed by cryptocurrency. The recipient of the loan is Intelion Data, one of the top Bitcoin mining companies in Russia. The bank did not publish the size of the loan or specify the amount or type of cryptocurrency used as collateral.
The bank stated that the deal was secured using digital currency mined by Intelion Data. Though exact details remain undisclosed, the bank described the agreement as a trial arrangement. It may serve as a model for similar loans aimed not just at mining firms but also at businesses holding cryptocurrencies.
Sberbank said in a press release:
“Sberbank conducted a pilot loan to a cryptocurrency miner, Intelion Data JSC. The loan was secured by digital currency mined by the miner.”
Sberbank used its in-house digital asset custody system called Rutoken. It guarantees the security of the collateralized asset during the period of the loan. The bank has signaled openness to expanding the concept beyond this single agreement.
Regulatory Shifts and Industry Response
Anatoly Popov, deputy chair of Sberbank, addressed the early stage of crypto regulation in the country. He said,
“In Russia, regulation of the digital currency market is still in its infancy, and we are ready to work with the Central Bank to develop relevant regulatory solutions and create the infrastructure for launching such services.”
“This pilot deal allows us to test mechanisms for working with digital security, which could form the basis for future regulation,” he added. The process has also highlighted the potential for secure digital finance models in Russia’s banking sector, which remains largely cautious about crypto assets.
Timofey Semenov, CEO of Intelion Data, described the agreement as a milestone for the sector. He said it serves as a practical example for the industry and shows signs of growing market maturity within the financial structure. Semenov added that if this method proves effective, it can be expanded and used on a large scale in the Russian mining industry.
Sberbank Tests DeFi, Supports Regulation
Earlier in December, Sberbank revealed that it was testing various decentralised finance tools. The bank also reiterated support for a gradual inclusion of digital currencies into the legal system.
Intelion Data continues to expand infrastructure, including construction of a mining facility near the Kalinin Nuclear Power Plant in Tver Oblast. In addition, it is working on a private gas power station and building mining data centers for other companies with unused energy resources.
On December 23, the Central Bank announced readiness to allow broader crypto trading access. Non-qualified investors face an annual limit of up to about $3,800, while qualified investors may trade without spending caps, excluding privacy-focused assets.
