Ivan Semagin, deputy director of the Financial Market Development Department for the Bank of Russia, 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 revealing announcement was made by Semagin during the Eastern Economic Forum (EEF), an annual event that mainly discuses partnership between the Russian Far East and the Asia-Pacific Region.
As reported earlier, Sberbank CIB and the National Settlement Depository (NRD) were to test, by the end of the summer, on the regulatory platform of the Bank of Russia, a technology for conducting transactions to raise financing by issuing initial coin offering (ICO).
During a panel discussion which centered around the world of cryptocurrencies and ICOs, Alexey Chekunkov, CEO of the Far East and Baikal Region Development Fund, stressed that an ICO is a “useful technology” that might bring a good deal of money to the state.
Uncertainty still hangs over cryptocurrency regulations
He cited Singapore and the U.S. as examples of a reasonable and cautious approach to crypto regulation. He also added that he remained quite skeptical about Bitcoin (BTC), calling it a “harmful pyramid scheme that wastes a lot of electricity in vain.”
According to TASS, the Bank of Russia’s regulatory platform was launched in April 2018 to pilot and rapidly introduce new financial services and technologies that require changes in legal regulation.
However, the top echelon of Russian officials still remain skeptical about cryptocurrencies, ICOs, and blockchain. As reported by BC Focus on September 11, Dmitry Peskov, a special representative of the Russian President feels that the circulation and issuance of cryptocurrency is impossible to reconcile.
“We have not crushed the blocking and cryptocurrency at the start, trying to bring them to the normative field, but the state should honestly warn everyone that the likelihood that you will get to MMM 2.0 is the maximum here.”
“The central bank is, from my point of view, the most liberal position in the sphere of regulating crypto-currencies. The threat level is so high that the position could be stricter,” he added.
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