Based on a report from the local news agency TASS on the 11th of September, the Central Bank of Russia has successfully carried out an ICO (initial coin offering) trial.
Regarding this report, Ivan Semagin, who is the deputy director of Bank of Russia’s FMDP (Financial Market Development Department) stated:
“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”.
TASS further reported that at the end of the summer, Sberbank and the NSD (National Settlement Depository) tested this experimental ICO, issued by the Moscow-based commercial hall firm LevelOne.
The idea will be implemented on a structure that was built by the Central Bank. In addition, it has also been reported that the pilot tests will occur before summer ends.
The above remarks were made by Semagin during the EEF (Eastern Economic Forum). Every year, EEF host the event and brings participants from the Far Eastern regions of Russia and the Asian Pacific region to grace the event. Leaders from various fields come together for the sake of getting to know each other and also for economic collaboration.
Journalists, China, and Russian officials are usually present to grace the forum every year and one of the topics discussed happens to be the ICO and crypto impact in the Far Eastern region of Russia.
Alexey Chekunov, who is the CEO of the Far Eastern and Baikal Region Development Fund proclaimed that ICOs are useful technological assets that have the ability to generate lots of revenue for the region.
Chekunov also made reference to the fact that the region can learn from the U.S and Singapore on how to deal with challenges regarding the new technology, calling the approach of U.S and Singapore to the crypto regulation challenge as “reasonable”.