Bank of Russia Conducted ‘Successful’ ICO Trial

Blockchain, ICO News, News | September 12, 2018 By:

The Bank of Russia, the country’s central bank, has recently conducted a “successful” experimental initial coin offering (ICO), an official said.

During the Eastern Economic Forum in Vladivostok, Russia, Ivan Semagin, deputy director of the Financial Market Development Department for the Bank of Russia, told attendees that the central bank launched a “sandbox” ICO based on the existing infrastructure. He said the experiment was a success from a technical point of view, though a lot of legal questions remained open.

The test ICO, which was first announced in May of this year, involved state-owned Russian bank Sberbank, the National Settlement Depository (NSD) of Russia and Level One, a company that manages Moscow’s biggest commercial lecture hall. Under the ICO pilot, Level One will launch a token sale and Sberbank CIB, the bank’s corporate and investment banking business, will act as the issuance coordinator and anchor investor in tokens issued during the ICO. NSD will be the transaction’s custodian and will keep and register the digital assets.

The pilot used the Bank of Russia’s regulatory sandbox, launched in April 2018 to provide a safe and convenient platform for testing and launching products and services based on blockchain and other innovative financial technologies. The central bank and other governmental organizations, profile associations, and development institutions assess services and technologies implemented at the platform.