Home News The Bank of Russia launched a test ICO

The Bank of Russia launched a test ICO

The Bank of Russia succeeded in launching an experimental ICO based on its testing platform.

The Russian financial regulator completed the experiment for launching an initial coin offering within the framework of its regulatory sandbox.

“The Central Bank of Russia launched a “sandbox” ICO based on the existing infrastructure; the experiment was a success from a technical point of view, though a lot of legal questions remained open,” – the deputy director of the Development Department for the Financial Markets Ivan Semagin specified on the matter.

Last week, Dmitry Peskov, special representative on digital and technological development to Vladimir Putin, supported the idea of creating regulatory sandboxes as well.

While talking to IMF chief Christine Lagarde, the Head of the Bank of Russia Elvira Nabiullina, who has been constantly opposing the idea of recognizing cryptocurrencies in Russia, noted that cryptocurrencies do more harm than good:

“I see more harm than good in cryptocurrency. It is unsafe and can be used for money laundering purposes.”

Quite to the contrary, Christine Lagarde herself has recently admitted that the global economy “is not in the best of places right now” and mentioned cryptocurrencies as one of the possible cures to the global financial system.