Do bitcoin-backed loans create taxable events?

I've been looking into crypto-backed loans provided by nexo.io and am wondering if anyone here knows whether taking out and/or repaying a bitcoin-backed loan on a platform like this would create a taxable event(s) in the eyes of the CRA?

I've seen at least one YT commentator assert that such loans do NOT create taxable events, as no cryto assets are bought/sold (only used as collateral), but that person is US-based so looking for some knowledgeable Canadian opinions. Thanks