First time in modern Russian history a bank has provided a loan secured by tokens (blockchain-based digital securities).
Russian bank “Expobank” has provided a Russian businessman with a loan secured by tokens based on Russian blockchain platform “Waves”.
The deal was subject to Russian law. Tokens were provided to the deposit of the notary, who would transfer the tokens to the bank in case of the failure to repay the loan.
Disregarding the fact that Russian law on tokens and cryptocurrencies (Federal Law “On digital financial assets and digital currency…” ) shall enter into force only in 2021, Russian legal community already treats tokens as a kind of property, that could be used to secure loans same way as any other property.
This loan is expected to be the precedent expanding the usage of tokens and cryptocurrencies in the Russian market.
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