Cryptocurrency is gradually entering the banking circulation of Russia. Another systemically important bank has announced the launch of loans secured by bitcoin. This is about Sovcombank, which is counting on growing demand from businesses amid falling digital asset prices and expectations of regulation.
Previously, only Sberbank had tested a similar product. Now the market is receiving a second major signal: cryptocurrency is increasingly being considered not as an experiment, but as a full-fledged collateral asset.
Sovcombank Enters the Crypto Lending Market
Sovcombank, which is on the list of systemically important banks in Russia, is launching corporate loans secured by bitcoin. The program is aimed at legal entities operating in the country for at least a year and already owning cryptocurrency.
As the bank told the newspaper Kommersant, borrowers must provide financial statements for the past year and have no debts to the tax service. The cryptocurrency used as collateral must be owned by the company.
The interest rate is based on the Bank of Russia’s key rate with a markup of seven percentage points. In early February 2026, this is about 23% per annum. The loan term is up to two years, and the collateral discount is 50%.
Why Bitcoin-Backed Loans Have Become Attractive to Businesses
The launch of the product coincided with a noticeable correction in the crypto market. Since October 2025, when bitcoin exceeded $125,000, its price has almost halved. In early February 2026, the rate is holding near $71,000.
According to Sovcombank’s compliance director Marina Burdonova, this is exactly what makes loans secured by cryptocurrency attractive. Bitcoin holders are in no hurry to sell the asset during a decline, but need liquidity to grow their business.
Collateral in the form of cryptocurrency allows companies to raise financing without locking in losses. For companies, this is a way to wait out an unfavorable market period while keeping the asset on the balance sheet.
Sberbank Is Already Testing the Model
Sovcombank was not the first player in this market. In December 2025, Sberbank issued the first loan in Russia secured by cryptocurrency. The borrower was Intelion Data, one of the leaders in the Russian mining sector.
Sberbank then explained that the project was a test. Its goal was to develop the infrastructure for storing and controlling digital assets before possibly scaling the product.
The internal Rutoken solution was used to store the collateral. The bank noted that crypto lending could become widespread after the introduction of full regulation.
Regulation Is Still Holding Back the Market
Currently, cryptocurrency in Russia is legally classified as “other property.” This allows it to be used as collateral, but does not eliminate all legal risks for banks.
The situation may change as early as summer. Authorities plan to recognize cryptocurrencies and stablecoins as monetary assets starting July 1. The basis for this will be a new regulatory concept prepared by the Bank of Russia.
For now, the lack of clear rules forces banks to act cautiously. Most major players are in no hurry to launch similar products, despite growing interest from mining companies.
Volatility Risks Remain
Business interest is understandable, but risks remain high. Sharp fluctuations in the price of bitcoin can lead to a situation where the value of the collateral falls below the loan amount.
In this case, the bank will be forced to demand additional security. Lawyers and market participants warn that this is a key risk for borrowers in an unstable market.
According to representatives of crypto exchanges, the discount on crypto collateral in the future may range from 40% to 60%. This reflects banks’ attempts to protect themselves from sharp price drops.
What’s Next?
Bitcoin-backed loans in Russia are no longer a one-off experiment. Sovcombank’s entry into this market confirms growing business interest and the gradual adaptation of banks to the crypto economy.
However, such loans will become a mass product only after clear rules of the game appear. Until then, cryptocurrency will remain a promising but risky tool for banks.
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