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Russian Central Bank Reportedly Organised a Successful Trial of ICO


As per the statement of an official of Russian Central Bank, the bank has recently conducted a successful ICO "test" as per the report of TASS, a local news agency.
The deputy director of the Financial Market Development Department for the Bank of Russia, Ivan Semagin, told the aforementioned news agency that within a framework of the bank's sandbox, they performed an exploratory ICO with the help of their existing infrastructure. Reportedly it was a success, but there are still a lot of legal issues.

TASS reported that at the end of the summer, Sberbank, as well as National Settlement Depository, were set to try out an exploratory ICO, issued by the Moscow-based firm LevelOne.

Eastern Economic Forum was attended by both Chinese and Russian officials and journalists. During a discussion focused on cryptocurrencies and Initial Coin Offerings, Alexey Chekunkov, CEO of the Far East and Baikal Region Development Fund, commented that an ICO is a worthy technology that might bring an amazing amount of money to the state. In his statements, he used Singapore and the U.S. as illustrations of a rational approach to digital asset regulation. He also added that he is quite dubious about Bitcoin and called it a dangerous pyramid scheme that destroys an enormous amount of electricity."

"Sberbank, the largest bank of Russia was putatively the first in the country to test blockchain-related technologies and solutions earlier this year."

As per the recent reports, Sberbank announced that it was commencing a cryptocurrency exchange option for institutional investors through its Swiss branch.

"According to TASS, Russia, in April, officially launched a regulatory platform for new digital financial services and technologies that need amendments in the regulation. The Bank of Russia, together with various state bodies and associated institutions, then evaluated the trial services and technologies getting involved with the platform."

However, some top Russian officials seem to be dubious about blockchain, digital assets, cryptocurrencies, and ICOs.

As has been reported earlier, the special representative president on technological and digital development, Dmitry Peskov, said that Russia is not yet ready for the distribution of digital assets and cryptocurrencies. Earlier, President Vladimir Putin himself made the statement that Russia cannot have its own cryptocurrency because cryptocurrency "by definition" cannot be dominated or controlled by a centralized establishment.