Sovcombank, a Russian commercial bank, claims to be the first Russian bank to offer bitcoin-backed loans to the public.

According to a report by Bijie Network: Sovcombank, Russia's ninth largest bank by asset size, has launched bitcoin-collateralized loans for individuals and businesses who legally own digital assets, becoming the first financial institution in Russia to offer such a product. This move builds on a pilot program by the state-owned Sberbank, aiming to provide liquidity to clients such as mining companies without requiring them to sell their bitcoin holdings. The launch of this loan service comes at a time when Russia's cryptocurrency regulatory policies are continually evolving, including the legalization of mining by the end of 2024 and subsequent regional restrictions.