Russian central bank says its ICO experiment has been successful

09-21 14:57
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Russian news agency TASS reported on Tuesday that the Russian bank stated during the Eastern Economic Forum of Vladivostok in Russia on Monday that it successfully conducted a token issuance test.


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Ivan Semagin, deputy director of the Bank's Financial Development Department, told the participants that the regulator has tested the "experimental ICO based on existing infrastructure" in the Russian bank's sandbox. He said that although the experiment was successful, there are still some problems.

"In the framework of the sandbox... technically, everything is going well, but there are many problems from a legal point of view," he explained. But he did not explain what these legal issues are.

The test was first announced in May, when Sberbank, Russia's largest state-funded retail bank, and the Russian National Settlement Depository (NSD) jointly stated that they were conducting an ICO test. The experiment is expected to involve a company called Level One as the ICO issuer, Sberbank as the “issuance coordinator and major investor”and NSD as the custodian to record and settlement transactions, and protect assets.

At the time, Igor Bulantsev, senior vice president of Sberbank, said in a statement:

“Many Sberbank customers are interested in such investments and we plan to proactively promote this service after the appropriate legislative framework is in force.”