Russia Reports Successful ICO Test


Russia reports successful ICO test, according to the local media outlets. The news sources cite Ivan Semagin, who is a deputy director of the Financial Market Development Department for the Bank of Russia.

12 September, AtoZ Markets According to some of the local Russian media outlets, an official from Russian central bank has informed the public about the fact the authorities have conducted a “successful” experimental Initial Coin Offering (ICO).

Russia Reports Successful ICO Test

The news sources cite Ivan Semagin, who is a deputy director of the Financial Market Development Department for the Bank of Russia. He has been quoted as saying:

“Within a framework of the central bank’s sandbox, we conducted an experimental ICO on the basis of our existing infrastructure. Technically it was a success, but we still have a lot of legal issues”.

The same online report writes that Sberbank and the National Settlement Depository have planned to test an experimental ICO, which is issued by the commercial hall firm LevelOne. Mr. Semagin has stated that the trial has been successful during his speech at the Eastern Economic Forum (EEF), which is an annual event focused on the collaboration and partnership between the Russian Far East and the Asia-Pacific Region. Mr. Semagin has been taking part in “The Far East as a Financial and Offshore Centre” discussion.

Russian Politicians Still Skeptical on Bitcoin

It appears that both Chinese and Russian officials and journalists have expressed the interest in the forum. During a discussion related to the ICOs and cryptocurrencies, the CEO of the Far East and Baikal Region Development Fund, Alexey Chekunkov, has stated that an ICO is a “useful technology.” He added that it might be good for attracting investment flows into the country. 

He also mentioned the US and Singapore as examples of a reasonable approach to cryptocurrency regulation, claiming that he still remains skeptical about Bitcoin. He has called the leading cryptocurrency a “harmful pyramid scheme that wastes a lot of electricity in vain.”

Sberbank Tests Crypto Technologies

Sberbank, the largest Russian bank, has reportedly emerged as the first in the country to pilot crypto-related technologies earlier this year. In January, Sberbank has announced that it plans to open a cryptocurrency exchange option through its Swiss branch for institutional investors. 

As per the local media, Russia has also officially launched a regulatory platform for new cryptocurrency financial services and technologies that need changes in regulation. The bank of Russia then assessed the pilot services that take part in the platform.

Yet, some of the Russian authorities remain skeptical about ICOs, Blockchain, and cryptocurrencies. 

Earlier this month, Dmitry Peskov, the Russian presidents’ representative on digital and technological development, has stated that the country is still not ready for the circulation and issuance of the digital currencies. 

Think we missed something? Let us know in the comments section below.

    Share Your Opinion, Write a Comment