I was just browsing the web like usual do and I found this particular news about Russia, which claimed that a Bank in the country have issued their first backed loan in Cryptocurrency.
The amount of the loan wasn't disclosed but one thing is certain, it was issued in Waves tokens and it's a personal lending, and the deal confirmed by the Waves founder Sasha Ivanov.
It's particular interesting to see this movement by this institutional firm taking in consideration that recently the Russian president signed a Bill that will prohibit use of Crypto as a way of payment staring in January 2021, but the personal Crypto backed isn't in the category of payments as the lawyers and crypto experts consulted by the bank classify then as "other property".
With the development in Russia where Banks are giving personal loans backed by Crypto will be more entities around the world accepting Cryptocurrency to issue loans and drive more adoption of this assets.
I love the way this direction Crypto is taking, am not a big fan of centralised institutions lending Cryptocurrency to their customers, I believe that DEX ecosystem is better to handle this loans but this Centralised corporations are doing their role to drive awareness about the environment surrounding decentralized assets, and this clients will see that loans secured in Banks could be more easier issued in smart contracts.
The lending market is going DeFi and nothing will change that!
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Little by little, step by step, crypto, is paving it's way. Till the masses find out, there will be huge profits.