‘Successful’ ICO Trial Conducted By Russian Central Bank

The Russians have kept up their reputation of being stealthy and have quitely made advancements in the field of blockchain technology without alerting anyone. The Russian Central Bank has recently conducted a “successful” Initial Coin Offering (ICO) trial , as reported by TASS, their local news agency on September 11.

TASS’s report states that a partnership between Sberbank and the National Settlement Depository was already in place and they were ready to launch a trial ICO, which was issued by LevelOne, a Moscow-based commercial hall firm. The approximate time of the trial was to be at the end of summer.

An official from the bank, Ivan Semagin, who is the deputy director of the Financial Market Development Department, told TASS:

“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”.

This announcement was made by Semagin at the Eastern Economic Forum (EEF), which is an annual event that celebrates the strong ties between the Russian Far East and the Asia-Pacific Region. Their panel was discussing “The Far East as a Financial and Offshore Centre” when this announcement was made..

Sberbank, which is incidentally the largest bank in Russia, has set a record by becoming the first bank in the country to have successfully tested a technology that is associated with crypto. BTC Wires had earlier reported that Russia is still not ready to circulate cryptocurrencies, as pointed out by Dmitry Peskov, an exclusive representative of Vladimir Putin.