The Russian Lender Expobank has become the first lender in the country to issue a loan secured by cryptocurrency tokens. Lender Expobank said it issued an individual loan to businessman Mikhail Uspensky who used the tokens from the Waves cryptocurrency as collateral. The move followed intensive consultations with lawyers and cryptocurrency experts on the deals. This resulted in the Waves tokens being defined as “other property” and placed in an escrow account as security for the loan. The value of the loan was not disclosed. Russia passed its first law on cryptocurrency earlier this summer. The digital currency industry has complained that the original provisions are overly restrictive, as they ban Russians from using cryptocurrencies as a form of payment. Businesses are also be barred from advertising crypto payment options.
