According to a press report Spread Recently, a businessman in Russia took out a loan from a Russian bank using WAVES coin as collateral.

With the Russian government’s unclear regulatory status regarding cryptocurrencies, local lawyers are arguing over whether such transactions can be conducted legally in the future.

The first bank loan backed by cryptocurrency in Russia:

Mr. Alexander Ivanov, Founder and CEO of WAVES, confirmed the news earlier yesterday.

The newspaper report indicated that for the first time in Russia, a Russian bank approved a loan secured by a digital asset.

Expobank, headquartered in Prague, Czech Republic, issued the loan by entering into an individual bank loan agreement secured in Waves currencies.

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Tanzila Yandiva, head of the legal department at the bank, described the transaction as a first of its kind for both the legal and banking community.

As for the businessman who received the loan, Mikhail Uspensky, who said that he does not plan to sell his cryptocurrencies, and instead, will find more uses for them.

He noted that digital currencies are not a heavy burden in his pocket.

Although Russia has not yet introduced clear regulations regarding the use of cryptocurrencies, local lawyer Yuri Presov told that Waves coins can be used completely legally in Russia.

He and a few other lawyers believe that similar transactions could soon be regulated under local legislation.

However, Mr. Denis Dorashkin, Senior Lawyer at BGP Litigation, emphasized that the lack of adequate legal regulations and necessary regulatory infrastructure prevents actors from participating in such transactions.

Waves recent developments and WAVES coin price performance:

Blockchain solutions provider Waves has partnered with Tron to promote crowd adoption in the decentralized finance (DeFi) sector.

The two companies plan to take advantage of a third party to interconnect their DLT networks.

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The cryptocurrency “WAVES” has seen a huge rise in 2020, especially in the past few weeks.

As the value of the currency reached $1 at the beginning of the year, which means an 80% increase by mid-February, but the days after reaching $1, the currency fell like other digital currencies due to the impact of the spread of the Corona virus and fell to the level of $0.6.

Then the WAVES coin managed to recover its losses very quickly, reaching $1.50 at the end of July.

In the following weeks, following the Tron partnership, WAVES coin rose to a two-year high of $4.60.

Although it has rebounded a bit to under $4, this is still a 300% year-to-date increase.

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