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The Central Bank of Russia will host a pilot project of the ICO on its regulatory platform

Russian banking giant Sberbank and the country's National Settlement Depository will test an initial offer of coins on a central bank regulatory platform.


Sberbank and the National Settlement Depository (NSD), Russia's largest bank and custodian respectively, will test the issuance of an initial offer of coins on a regulatory platform established by the Bank of Russia, the country's central bank. Launched in April, the regulatory platform was developed by the central bank to pilot test new financial services and technologies that required legislative changes before implementation.

According to an announcement by Sberbank CIB, Sberbank 's investment banking and investment arm, ICO' s issuer will be Level One, a very popular business conference site in Moscow.

The supply of coins will take place at the end of the summer of 2018 with tokens registered and settled on NSD's financial market infrastructure, used by traditional stock exchanges. Sberbank says it "will act as the organizer and chief investor in ICO Level One". The DSN will act as a depository and, in addition to protecting digital assets, will also maintain a record of settled transactions.

Both financial institutions claim that the pilot project will enable them to mitigate the associated risks and obtain information from the central bank while evaluating the performance of an international organization. investment that provides transparency to reduce risk for investors.

"Our ultimate goal is to create the fundamental foundation for the development of the digital economy in our country, for the emergence of a new kind of asset for investors, for ICO ecosystems, and for the circulation of digital assets on the secondary market, "said Eddie Astanin, president of NSD. "In collaboration with market leaders, we are implementing a project to create an infrastructure to record digital assets."

The pilot in question comes at a time when Russian companies are showing an active interest in fundraising opportunities through initial offers of coins, according to Igor Bulantseve, the director of Sberbank CIB.

The executive of Sberbank, who is also the senior vice president of the banking group, said:

Sberbank CIB considers that the Russian market of the OIC is very promising. Many Sberbank clients are interested in this type of investment, and we plan to proactively promote this service once the appropriate legislative framework comes into effect; we will be one of the engines to institutionalize and popularize this type of transaction.

As announced this week, Sberbank CIB has bought commercial bonds from the telecom giant MTS on a blockchain, the first transaction of its kind in Russia. The Russian NDS has also implemented blockchain technology for electronic proxy voting as early as 2016.

Image from Shutterstock.

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