Sovcombank announces Bitcoin-backed loans with 23% rate, 50% collateral haircut

Sovcombank, one of Russia’s systemically important private banks, announced a program to extend Bitcoin‑collateralized loans to legal entities, with rates set at the Central Bank’s key rate plus 7 percentage points (currently 23%). Terms include a 50% collateral discount and up to two years to repay, with eligibility criteria disclosed to Kommersant.