BlockEffect
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2 min read | 9 months ago

Russia is Testing ICO Technology for Digital Tokens

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ICO
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The ICO technology will be tested in Russia’s central bank. Sberbank CIB, Russia’s state-owned bank’s investment banking business, claimed that they will test the ICO technology very soon, and process the first digital commercial activity before the end of this summer.

 

The National Settlement Depository (NSD) will become the custodian of transactions when they record tokens and register assets. Sberbank CIB will become the major investor of the tokens issued.

 

While Sberbank CIB and NSD are successful in evaluating transactions on the blockchain and getting the trading mechanism feedback from the central bank, every trade will be shown on the platform by the ICO technology. This kind of expectation will bring more financial investors into such transactions.

 

The Russian government made efforts for ICO technology; they passed two bills which are “on Digital Financial Assets” and “on Attracting Investments via Investment Platforms.”

 

Igor Bulantsev, Vice President of Sberbank and chairman of Sberbank CIB states that the great amount of digital tokens are needed by the bank.

 

The head of the Executive Board of Russia Eddie Astanin is trying to create the essential structure to operate and record digital tokens. 

 

“Our end goal is to create the fundamental basis for the development of the digital economy in our country, for the emergence of a new type of asset for investors, for ICO ecosystems, and for the circulation of digital assets on the secondary market. In conjunction with market leaders, we are implementing a project to create an infrastructure to record digital assets. The existence of this infrastructure is a crucial condition based on which institutional investors come to our market, the market develops rapidly, and its capitalization grows.”

 

In Russian law, digital tokens are measured as assets, but not “real” currency. 

 

Bibliography

Esteves, Ricardo. Russia to Pilot ICO Technology As Investors Want Digitla Tokens. Retrieved June 20, 2018, from NewsBTC: russia-to-pilot-ico-technology-as-investors-want-digital-tokens

Photograph Retrieved from URL: kak-pravilno-vybrat-ico-proekt-dlya-investirovaniya

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