The Central Bank of Russia, Sberbank CIB together with the National Settlement Depository (NRD) will pilot the country’s first official Initial Coin Offering (ICO). The information was passed by ForkLog recently, stating that the Pilot will be implemented using the Bank of Russia’s regulatory sandbox.
Sberbank CIB which is considered to be the investment banking arm of major state-owned bank, Sberbank, and NRD, which is part of the Moscow Stock Exchange Group, are now reportedly finalizing the upcoming plans on the project with the central bank. As informed by the source, the launch of the project is initially planned for the end of this summer.
Sberbank CIB’s head, Igor Bulantsev stated that the bank finds the Russian ICO market to have a huge potential. He also highlighted that currently a measurable number of the bank’s clients are interested in the new way of fundraising.
The source also reported that the experimental ICO proceeds will be used to launch new tokenized online services. The operation will be conducted by a company that runs the largest commercial lecture hall in Moscow, Level One.
NRD’s representative, Eddi Astanin informed that the new tokens of the project will solely be sold for rubles. The tokens will also be available for trade for exclusively qualified investors.
Earlier this week the Russian parliament finally approved the new laws that regulate the crypto industry in the country. As reported, these laws have been under consideration since earlier this year and have been developed to deal with cryptocurrencies and ICOs. Here, cryptocurrencies and tokens are defined as property. In addition, the new laws also state that the Bank of Russia has the right to restrict the amount of crypto transactions for any individual in the country who is not a qualified investor.