The Bank of Russia had organized an ICO test which took place successfully. This test is based on issuing tokens which took place in the “Sandbox” framework on a regulatory platform of the Bank of Russia.
According to TASS Russian news, Sberbank CIB and the National Settlement Depository (NRD) were the companies working on the ICO test. This test is going to take place on the regulatory platform “Sandbox” of the Bank of Russia. The working of the ICO was to start the transaction to raise funds by issuing tokens. The issuer of the tokens would be done by the company LevelOne.
Deputy Director of the Financial Market Development Ivan Semagin stated the ICO test was successful. And technically everything went well during the test.
“In the framework of the” sandbox “of the Bank of Russia, an experiment was recently carried out to conduct ICO on the basis of the existing infrastructure, technically everything went well, but there were a lot of issues from a legal point of view,” Semagin said.[transalated]
As Semagin mentioned of some legal issues present but he didn’t give much more details on what legal issues were.
Sherbank seems to be on the verge to enter into the cryptocurrency sector. Because last time we had mentioned, Sberbank offering cryptocurrency investment products to their customers. This was to help the customers to create and manage cryptocurrency portfolio. Like Sherbank other banks in Russia are also showing interest in cryptocurrency.
What do you think about the ICO test and will it be implemented soon? Let us know your thoughts in the comments below.
