Russian Bank Used WAVES As Collateral!

[BTC Future 3946]

 

It is official. Banks are now offering loans with cryptocurrencies as collateral. Sasha Ivanov (founder of Waves) tweeted earlier about this (link) confirming this major milestone.

 

Expobank (a former subsidiary of Barclays) has issued a loan to Russian businessman Mikhail Uspensky securing the deal with Waves tokens as collateral. 

 

Earlier in July, Russia passed a law on regulating cryptocurrencies and digital financial assets in the country and I covered the news on this post: 

- https://cryptotalk.org/topic/109340-crypto-now-legal-in-russia-although-with-restrictions/

 

Cryptocurrencies have been officially recognized as assets in Russia and if I am not mistaken this is the first case worldwide of crypto being used by the banking sector as collateral. Certainly something many people were hoping for as it legitimizes the whole industry in the eyes of investors and businesses.

 

More info: kommersant.ru, cryptopotato

 

Edited August 19, 2020 by BTC Future

[Raqeebzy 6456]

49 minutes ago, BTC Future said:

Cryptocurrencies have been officially recognized as assets in Russia and if I am not mistaken this is the first case worldwide of crypto being used by the banking sector as collateral. Certainly something many people were hoping for as it legitimizes the whole industry in the eyes of investors and businesses.

Yes it is. What a news! Reference to your initial topic, Russia is really doing great and financial institutions taking great steps in favour of cryptocurrency which I see as rare green light ; A bank taking this step will see a lot more of others follow, and even in more solid step. 

I have a little poultry business here that needs some investment and funding; if by any chance such opportunity arises in my country, I might be the first to take on it.

[Moaz 7239]

It is really great news for users of encryption in Russia, especially for users of Waves, and the price has risen significantly over the past week, and exceeded $4, it seems to me that Russia will be one of the first countries that will deal with  Legally cryptocurrency

[MuhammadSh 3067]

Great news for this cryptocurrencies world.. when we see that some banks start accept using cryptocurrencies so we can say using the cryptocurrencies allover the world has started! but i am wondering how can they really believe in waves cryptocurrency and its future!? and do you think that the last rising of waves price was because of these news or there is no relation between both of them!? hope that there would be more banks and governments accept using cryptocurrencies in their financial transactions in the near future..

[BTC Future 3946]

56 minutes ago, MuhammadSh said:

and do you think that the last rising of waves price was because of these news or there is no relation between both of them!?

I thought the same and it may be partially because of that and because of the Tron partnership. Waves has great people behind it that are constantly working. I've been close to Waves since 2018 and reading news. They may be the project that is working most to add new features and upgrades.

[Tunuu 2235]

Good news to see banks adopting cryptocurrencies. Russian people are very lucky because their country is one of the leading country with many cryptocurrency adopters and large crypto projects.

[koussai999 1986]

A big and distinctive step for the Russian investment sector. I think that cryptocurrencies will be a good way for this country. At the same time, if countries do not invest in cryptocurrencies in official ways, I think that people will do this behind the law and it will create many problems.

[BTC Future 3946]

16 hours ago, Tunuu said:

Good news to see banks adopting cryptocurrencies.

This is actually very good news, as the banks are actually adopting crypto's and recognize the value of these assets. Waves is an excellent project that is constantly developing and progressing. Probably we will see more banks accepting crypto as collateral in the future.

[Calvinpriva 17296]

Slowly banks are adopting cryptocurrencies and they do things that we were not expecting! This is a big move for crypto and it's a big deal to waves because banks receive a large amount every day and this bank is now using waves as collateral. Really good!

[BTC Future 3946]

5 hours ago, Calvinpriva said:

This is a big move for crypto and it's a big deal to waves because banks receive a large amount every day and this bank is now using waves as collateral. Really good!

I love this actually. It is not that they just opened some custodial service for speculation on cryptocurrencies, but instead they used Waves as a real world asset. It give crypto validation of being a real world asset now. I think this might be huge and hope it happens in many more countries soon. 

[Saj555 2250]

It is a great honour for the crypto users who are actually happy in Russia by hearing the news. Cryptocurrencies can play a vital role to the economical system of a country. And by adding it as a normal currency trading ,it will spread  among people with a certain amount of time immediately. So Russia has made a great gesture towards the crypto currencies. Soon everyone else will also see the impact of this situation. 

[Ridam 7455]

That's really a great move by Russian Banks. One after another great moves by banks after Crypto custodian services, Crypto Trading, and providing loans. This year it's really great for Crypto industry and it is even great for wave. The wave price has touched 4 $ today. Probably this news has some positivity in it.

And I would like to appreciate your effort for keeping us updated about recent scenario.

[rekter 8129]

Interesting... I didn't see this coming at all, i was under impression that cryptos weren't property in Russia but after some googing they indeed have decided it is property again just while ago: 

https://www.financemagnates.com/cryptocurrency/news/russia-legalizes-cryptocurrencies-terming-them-property/

 

This is great news for crypto adoption in Russia. 

[BTC Future 3946]

13 hours ago, rekter said:

Interesting... I didn't see this coming at all, i was under impression that cryptos weren't property in Russia but after some googing they indeed have decided it is property again just while ago:

I have been observing the situation for many months. Initially there was a draft that was calling for blanket ban of cryptocurrencies in Russia. Then there was a case of a person which was abducted and forced to send his Bitcoin to the criminals which were later caugh, but the court ruled that they couldn't judge the Bitcoin theft because there was no legal status in the country.

There was a huge gap and I think that the decision is correct as a first step. I hope that Bitcoin at least will be allowed to be used as a currency later on.

[CryptoDemon 370]

On 8/19/2020 at 9:16 PM, BTC Future said:

 

It is official. Banks are now offering loans with cryptocurrencies as collateral. Sasha Ivanov (founder of Waves) tweeted earlier about this (link) confirming this major milestone.

 

Expobank (a former subsidiary of Barclays) has issued a loan to Russian businessman Mikhail Uspensky securing the deal with Waves tokens as collateral. 

 

Earlier in July, Russia passed a law on regulating cryptocurrencies and digital financial assets in the country and I covered the news on this post: 

- https://cryptotalk.org/topic/109340-crypto-now-legal-in-russia-although-with-restrictions/

 

Cryptocurrencies have been officially recognized as assets in Russia and if I am not mistaken this is the first case worldwide of crypto being used by the banking sector as collateral. Certainly something many people were hoping for as it legitimizes the whole industry in the eyes of investors and businesses.

 

More info: kommersant.ru, cryptopotato

 

Since Russia is already legalize crypto currency, it will surely be having a better financial system. I hope that other countries can also legalize crypto currency and helps to occur the mass adoption.

[BTC Future 3946]

On 8/22/2020 at 10:08 AM, CryptoDemon said:

Since Russia is already legalize crypto currency, it will surely be having a better financial system. I hope that other countries can also legalize crypto currency and helps to occur the mass adoption.

The European Union will soon decide on regulating cryptocurrencies by trying to create a market framework for all the countries in the Union. You can read the news on this link.

[Whited35 15285]

How lucky Russians are. In my country, some set of activists are repeatedly giving suggestions to the government to let banks to release loans by keeping cryptocurrencies as collateral but government has never listened to them and now, concerned authorities are actively tracking transactions coming to the bank accounts. If original income sources is found to be crypto gambling, both sender and receiver has to undergo the strict investigation procedures and also, bank are not too open yet to adopt cryptocurrency here.  I would like to congratulate Russian government and banks.

[Omar Ommeish 4872]

The increase in the number of countries recognizing cryptocurrencies as assets is good for us because this causes an increase in the price of currencies and I have noticed that the price of WAVES has increased a lot in the past weeks.

[Captain Karim 0]

This would have taken Waves to the moon, but due to the bearish market that all currencies went through in September, the good guys were not as effective as expected, and with that, Waves is a promising project, and perhaps in a later period, we find that all Russian banks have come to accept it as a guarantee against loans.

[TimopheyKa 3900]

In General, the development in our country - Russia-is very interesting. Either they prohibit cryptocurrency for use, or they offer to issue loans, which is very unclear! In fact, lending is not news to us, but talking about cryptocurrency, I think if this happens, its price will soar several times for sure!

[Shaza Ahmad 1682]

Using Waves as a guarantee is a big step towards adopting cryptocurrencies, in addition to that this step will encourage investors to invest in Waves because if it is considered as a guarantee, an acceptable value must be preserved.

[cryptovlek 2597]

This is very good to know. It means a lot for waves and for the russian banking system that is now accepting collaterals for loans in cryptocurrencies. Very important and it can be a test for crypto and how it can be used for a better financial system.

[Fixfin 2569]

I didn't know about this and it is important as it creates a precedent that we never had with any cryptocurrency to be ever accepted as an asset that could be used as collateral to a loan, this means that crypto is legal in Russia and also gives a better example for every bank worldwide to start accepting our crypto for this reason. We will be able to hold the crypto and make a better use of them if we need a loan for our business.

[Mella 3680]

My thank my dear for this I am not know about it and I am think it is creates a better outlook for the cryptocurrency Waves and for all the cryptocurrency in particular. I am hope to see this to be from all the banks and I am read about jp morgan lately that they are very interested in crypto as very well too.

[Syedbesharat 5423]

Waves coin have their own exchange and parting with bank will gives good boost to their project progress. Where the Waves is listed at many god exchanges like Yobit, BNB. They liquidity will increase and as for Russian rules regulation for crypto gives more adoption of crypto in country.