The Bank of Russia’s ICO Experiment is Successful
September 12, 2018 4:05 pm
According to the reports, the central bank of Russia has successfully conducted a test on an ICO (Initial Coin Offering). One of the officials from the bank revealed the announcement at Eastern Economic Forum in Vladivostok, Russia.
The bank’s deputy director of the financial department, Mr. Ivan Semagin announced the ICO experiment. He stated that the regulators had conducted an experimental ICO. The token distribution was on the existing infrastructure in Bank of Russia’s Sandbox. The deputy director said that there are still some issues that need to be resolved.
Mr. Semagin said:
“In the framework of the ‘sandbox’ technically everything went well, but there were a lot of issues from a legal point of view.”
The financial department’s head did not describe what those legal concerns are. In May, the bank had announced the details on its ICO experiment.
The experiment was expected to include a company called ‘Level One’ as an ICO issuer. The bank of Russia was also expected to involve Sberbank as the ‘issuance coordinator and anchor investor.’ Russia’s National Settlement Depository (NSD) was supposed to be appointed as the custodian, for recording and settling transactions.
Sberbank’s Senior vice president Mr. Igor Bulantsev shared his thoughts on the ICO experiment conducted by the Bank of Russia. He stated that most of Sberbank’s clients are interested in such kind of investment. The Sberbank has planned to promote this service while the appropriate legislative framework comes into effect.