For the first time in the Russian Federation, a loan agreement that is secured by cryptocurrency was officially concluded.
The loan recipient is the entrepreneur Mikhail Uspensky through the signing of a loan agreement with a bank, that is secured by Waves tokens. For the deal was used the escrow mechanism, which remains the most efficient way to fulfill obligations to a creditor in Russia by transferring property, in this case being a digital asset deposited in the bank.
The head of legal support firm LFCS Yuri Borisov, who legally supported the transaction, highlighted that a notary also took part in the transaction. He carried out the deposition of the tokens, which provided a method for the transfer of the assets under the specified in the agreement conditional control of the banking institution.
Borisov added: “Waves tokens are completely legal in Russia. There are no restrictions whatsoever on the exchange of non-payment tokens in the Russian Federation. “
