Expobank issues a loan secured by Waves tokens
The first bank loan secured by cryptocurrency issued in Russia
The transaction was executed in strict accordance with the law
Cryptocurrency holders are looking for ways to use their assets
International consortium of news organizations developing transparency standards.
Earlier this week, Russian entrepreneur Mikhail Uspensky received a loan from Expobank secured by his Waves tokens. This is reported by the Kommersant edition.
This is the first loan issued in Russia secured by cryptocurrency. The transaction was executed through the conclusion of an individual bank loan with collateral in the form of cryptocurrency, using an escrow mechanism. Depositing tokens Experts accompanying the transaction argue that it can be legally structured in the Russian Federation, despite the lack of a clear legal framework for cryptocurrencies.
Everything according to the law
According to Alexander Zhuravlev, managing partner of the EDB law firm, Waves tokens used as collateral fall under the definition of “other property” and, accordingly, are full-fledged objects of civil rights. He also noted that the correct qualification of tokens became one of the fundamental points in the transaction..
The Russian law on digital financial assets will enter into force on January 1, 2021. According to the document approved by the Duma and signed by the President of the Russian Federation at the end of July 2020, digital assets will receive the status of a legal financial instrument, but payments in cryptocurrency will be prohibited..
Meanwhile, the issues of regulating digital currencies remained outside the brackets. They will be spelled out in a separate document. In the meantime, legal uncertainty remains in the field of circulation of cryptocurrency assets in Russia, and the practical application of the adopted law raises many questions. Read about what experts think about the new law and regulation of the cryptocurrency industry in Russia in general, read our article.
Money should work
The number of cryptocurrency holders in Russia is steadily growing, and many of them are starting to think about how to use their assets in addition to earning a potential increase in value. Mikhail Uspensky, who received a loan secured by Waves tokens, is not going to sell his digital coins, but wants to use them sensibly.
“I don’t refuse plans to use Waves and I don’t see any point in selling tokens, but they should not be dead weight in my pocket, but should work,” he said in an interview with Kommersant.
Recall that in December 2019, the Supreme Court of the Russian Federation recognized digital tokens as a tangible asset, putting them on a par with real estate and fiat money.
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