Russia Is Ready to Test a New ICO Platform Developed by Central Bank

[Goodcat49]

National Settlement Depository (NSD) and Sberbank CIB will trial a new regulatory platform that is set to make local initial coin offerings (ICOs) safer and easier to use for potential cryptocurrency traders, Sberbank reports. Designed by Russia’s Central Bank, the fintech project is powered by blockchain technology.

"Sberbank CIB considers the Russian ICO market to be very promising. Many Sberbank clients are interested in this type of investment, and we plan to promote this service proactively once the appropriate legislative framework comes into effect; we will be one of the drivers to institutionalize and popularize this type of transaction," Igor Bulantsev, senior vice president of Sberbank and head of Sberbank CIB said.
As an announcement states, digital currency sale is to be arranged by a Moscow-based company called Level One. Under the test conditions, Sberbank will play a role of the coordinator controlling the issuance of virtual coins and anchor investor at the same time. The NSD will be required to act as the custodian, which main duties include to record and settle each transaction while providing proper protection measures.

The financial technology project is seen as the tool for creating necessary transparency decreasing risks involved in crypto coin issuance process. The test is expected to reveal all questionable parts that need to be improved before the platform enters real financial market trading.

According to the reports, the ICO will start at the beginning of Q3, 2018. That makes us expect the first issuance of new cryptocurrency around late-June/early July. The token sale will be held on NSD’s crypto exchange platform.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/russia-to-test-new-ico-platform/

[Alcor]

This is quite interesting. It's good that the ICO process will finally be regulated. And in Russia it will be so tough, that in general will exclude the possibility of fraud on the part of the ICO team. There it is planned to conduct all fund-raising operations through banks, and the relevant state bodies will monitor the targeted use of this money even after the completion of such an ICO project. Also, in order to be able to start their ICO, there must be a certain large amount in the bank account on the team. This will exclude access to ICO for various non-serious individuals.