A first-ever crypto-backed personal loan has recently been issued in Russia via its commercial bank, Expobank reported the country’s local news agency Kommersant.
On August 19, Kommersant published a report stating that the loan offered by Expobank was backed by Waved (WAVES) token.
While confirming the news, the CEO and the founder of Waves Alexander Ivanov, tweeted that loan has been collateralized by the Waves Token.
Value Of Wave Token Drops Over 5 Percent
The local news agency in its report mentioned that a few days back, Expobank issued the loan to Mikhail Upensky, country’s local entrepreneur. Now the businessman has decided to not sell the tokens currently, instead, he would be using it.
Data analytical site Coin360 has recently released data indicating the value of WAVE in the market. So according to its report, in the past 24-hours, WAVE lost over 5 percent of its value and is currently being trading at around $4.
According to the country’s legal experts, Russia could recognize this new type of loan under its law, but still, the authority would remain a bit doubtful about it.
Regarding this, the lawyer at a law firm Vegas Lex, Kirill Nikitin, said,
“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”
Russia May Pass New Crypto Law
As per the report, recently a crypto law has been passed in Russia which outlaw any of the payment related to cryptos.
It is being expected that by the end of the year 2020, the Russian Government would pass a new bill to bring in more clarity in the crypto law.
Some of the other legal experts believe that the Russian Government would legalize the usage of Waves Token in the country because they are not the payment-related tool.
A local lawyer Yuri Brisov has claimed that Waves Tokens are absolutely legal in Russia.