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Bank of Russia Reports Successful ICO Experiment

According to reports during the Eastern Economic Forum held in Vladivostok, Russia, the Bank of Russia experimented with token issuance, which eventually turned out to be a huge accomplishment.


 

The head of Sberbank, Ivan Semagin, announced to members attending the conference that regulators of the bank have carried out an ICO experiment based on Sandbox, the organization's original infrastructure.

Despite its success, the test had faced some issues on the legal front.

ICO Experimentation

The announcement of the ICO experiment was held on May this year, when Sberbank,  Russia's largest retail bank, along with the NDS of Russia, joined hands to conduct ICO testing.

Initially, apart from the Sberbank working as anchor investor and issuance administrator and NDS as supervisor, a third organization knows as Level One also signed on to join testing as an ICO issuer.

During the announcement, Igor Bulantsev, SVP of Sberbank, remarked that as many of their customers are taking an active interest in digital currency investments, the bank aspires to popularize and institutionalize crypto transactions with the effective legislative framework.


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