Home Blockchain Waves Powers Russia’s First Reported Crypto-Backed Bank Loan

Waves Powers Russia’s First Reported Crypto-Backed Bank Loan



Waves Powers Russias First Reported Crypto Backed Bank Loan

Expobank, a commercial bank in Russia, has reportedly issued the country’s first ever loan backed by cryptocurrency.

According to an Aug. 19 report by local news agency Kommersant, Expobank provided the credit through issuing an individual bank loan powered by Waves (WAVES) tokens.

Waves CEO and founder Alexander Ivanov confirmed the news in a tweet, noting that the loan used Waves tokens as collateral.

According to the report, the new loan was issued to local entrepreneur Mikhail Uspensky earlier this week. The businessman reportedly said that he is committed to keep using Waves tokens and is not planning to sell them. As of press time, Waves token is trading at about $4, down more than 5% over the past 24 hours, according to data from Coin360.

Some legal experts are reportedly confident that the new type of loan can potentially become recognized under Russian law but there is still a great deal of uncertainty.

Kirill Nikitin, a lawyer at law firm Vegas Lex, reportedly said that the circulation of crypto assets in Russia is still associated with a lot of legal uncertainty. Specifically, there are still questions about what kind of crypto transfers are legitimized. 

This is related to Russia’s recently passed crypto law that prohibits payments in crypto. More regulatory clarity is expected to come as part of another bill that is planned to pass in late 2020.

At the same time, other legal experts are sure that Waves tokens can be legally used in Russia as they do not represent a payment-related tool. Yuri Brisov, a local lawyer who provided counsel for the Waves-powered bank loan, said that Waves tokens are absolutely legal to use in Russia. “There are no restrictions on the circulation of non-payment tokens in our country,” Brisov added.

Waves did not immediately respond to Cointelegraph’s request for comment. 

Waves has been closely connected with blockchain-related developments in Russia. In April 2020, Russia’s Ministry of Communications added Waves Enterprise to the unified register of Russian software for computers and databases, stipulating that its software belongs to a Russian company. Previously, a local national energy grid operator tested a blockchain solution from Waves for payments in the retail electricity sector.





Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,582FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.17
GBP
1.27
CHF
1.08
NOK
0.10
JPY
0.01
CAD
0.75
AUD
0.70

Most Popular

A Deep Dive Into Polkadot and How DOT Became a Top Ten Crypto Contender

Just recently a new project called Polkadot joined the top ten crypto coin list almost immediately after the project officially launched. Today,...

SEC halts trading for blockchain company run by former Ron Paul staffer

The United State’s securities watchdog has placed a temporary trading suspension on the stock of Vortex Blockchain Technologies until October 6. The Securities...

Kelta Cafes: Building a Robust Workplace for Blockchain Enthusiasts

Blockchain technology has experienced a lot of growth in the last few years. The immutable peer-to-peer distributed ledger system created by Satoshi...

Bitcoin’s realized cap is now $43 billion above the 2017 all-time high

Crypto market data aggregator Glassnode has published data indicating that Bitcoin’s (BTC) realized capitalization has increased by more than 50% since tagging its all-time...
bitcoin
Bitcoin (BTC) $ 10,490.35
ethereum
Ethereum (ETH) $ 339.63
ripple
XRP (XRP) $ 0.232524
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 215.28
bitcoin-cash-sv
Bitcoin SV (BSV) $ 153.60
litecoin
Litecoin (LTC) $ 44.77
eos
EOS (EOS) $ 2.56
binancecoin
Binance Coin (BNB) $ 23.83
okb
OKB (OKB) $ 6.17
tezos
Tezos (XTZ) $ 2.05
leo-token
LEO Token (LEO) $ 1.24
cardano
Cardano (ADA) $ 0.081115
monero
Monero (XMR) $ 91.48
stellar
Stellar (XLM) $ 0.071276
chainlink
Chainlink (LINK) $ 8.18
huobi-token
Huobi Token (HT) $ 4.61
tron
TRON (TRX) $ 0.025493
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 67.57
neo
NEO (NEO) $ 21.18
iota
IOTA (MIOTA) $ 0.248827
nem
NEM (XEM) $ 0.107425
zcash
Zcash (ZEC) $ 53.18
maker
Maker (MKR) $ 458.58
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 4.95
vechain
VeChain (VET) $ 0.012144
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 3.58
kucoin-shares
KuCoin Shares (KCS) $ 1.03
waves
Waves (WAVES) $ 2.41