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Russia Central Bank Bares “Successful” Test of ICO

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A representative from the central bank of Russia has bared that the bank has recently conducted a “successful” experimental Initial Coin Offering (ICO).

This was reported by local news agency TASS.

Ivan Semagin, a deputy director of the Financial Market Development Department for the Bank of Russia, was quoted as saying:

“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”.

Sberbank and the National Settlement Depository were slated to trial an experimental ICO, issued by the Moscow-based commercial hall firm LevelOne, at the end of the summer.

Semagin publicized the “successful” trial during in the Eastern Economic Forum (EEF), a yearly gathering that focuses on the interaction and collaboration between the Russian Far East and the Asia-Pacific Region, participating in “The Far East as a Financial and Offshore Centre” talks.

Both Russian and Chinese officials and journalists were in attendance during the said forum. During a discussion that focused on crypto and ICOs, Alexey Chekunkov, the CEO of the Far East and Baikal Region Development Fund, noted that an ICO is a “useful technology” that might prove lucrative for Russia.

He cited Singapore and the U.S. as examples of a rational approach to crypto regulation, saying that he remained quite skeptical about Bitcoin (BTC), proclaiming it a “harmful pyramid scheme that wastes a lot of electricity in vain.”

The biggest Russian bank, Sberbank, was the first in the country to test crypto-related technologies earlier this year. Sberbank announced that it was launching a crypto exchange option for institutional investors via its Swiss branch.

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