The Bank of Russia is just about to launch an ICO sandbox

13 Sep, 2018
by Paula D. Baciu
News
The Bank of Russia is just about to launch an ICO sandbox

The Bank of Russia is competing against other important banks to be among the first financial institutions that integrate blockchain and cryptocurrencies. 

The first Initial Coin Offering (ICO) simulation was successfully concluded using the entrepreneurial sandbox developed by the bank.

First announced at the beginning of the summer, the new framework aims to offer businesses a new way to launch and raise funds, conveniently provided via ICOs. The platform itself was launched by the Bank of Russia in April 2018, according to Russian publication Tass News. The bank works closely with other state institutions in order to bring the framework to completion - and in line with current legislation - as soon as possible.

However, although this first phase was successful, the bank still has to work on legal issues. “Technically everything went well, but there were a lot of issues from a legal point of view,” said the Deputy Director of the Financial Market Development Department of the bank.

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