A commercial bank within Russia, Expobank, has reportedly issued the nation’s first ever loan backed by cryptocurrency.
In line with a recent official tweet on 19th Aug. 19, the native media Kommersant, Expobank revealed the credit via issuing a personal bank loan powered by Waves [WAVES] tokens.
Alexander Ivanov – The CEO & founder of Waves, confirmed the news within the tweet, noting that the loan used Waves tokens as collateral.
As per the report, the new loan was issued to native entrepreneur Mikhail Uspensky earlier this week. The businessman reportedly said that he’s committed to stay using Waves tokens and isn’t planning to sell them. At the reporting time, Waves token is trading at around $4 USD, down above 6.26% over the past 24 hours, consistent with data from CoinMarketCap.
Some legal experts are reportedly confident that the new type of loan can potentially become recognized under Russian law but there’s still a great deal of uncertainty.
Kirill Nikitin, a lawyer at firm Vegas Lex, reportedly said that the circulation of cryptocurrency assets within Russia remains related to tons of legal uncertainty. Specifically, there are still questions on what kind of cryptocurrency transfers are legitimized.
This is associated with Russia’s recently passed crypto law that prohibits payments in crypto assets. More regulatory clarity is predicted to come as a part of another bill that’s planned to pass in late 2020.
However, at the same time, other legal experts are sure that Waves tokens are often legally utilized in Russia as they don’t represent a payment-related tool. Yuri Brisov, a native lawyer who provided counsel for the Waves-powered loan, said that Waves tokens are absolutely legal to use in Russia. “There are not any restrictions on the circulation of non-payment tokens in our country,” Brisov added.