Connect with us


Sberbank is ready to hold an ICO after the adoption of laws on cryptocurrency in Russia



Sberbank of Russia reported that, together with the National Settlement Depository (NSD), it is ready after adopting the laws “ On digital financial assets ” and “On attracting investments using investment platforms” to conduct an ICO for its clients. This conclusion was made on the basis of their test ICO in the “sandbox” of the Bank of Russia.

“Participation in the sandbox of the Bank of Russia made it possible to get an assessment of bank experts and departments, as well as form a working roadmap for creating legal conditions for the provision of services, evaluate the features of working with such transactions and minimize the risks associated with them ,” said Sberbank.

The bank revealed the details of the test ICO on the blockchain-platform Masterchain. The Russian company Level One, which provides service to commercial lecturers in Moscow, placed 285,800 tokens to the account of Sberbank, which acted as coordinator and underwriter of placement.

Several of these tokens went to pay for the block of online tasks of the issuer – they were transferred from the Sberbank account to the Level One account. The remaining funds were “burned” by sending them to a non-return address on the blockchain.

As noted by Sberbank, all actions within the transaction were carried out with the node set out in NSD. He also acted as custodian of the transaction, ensuring that digital assets are accounted for and settled upon issue and circulation.

As a result of testing, the benefits of ICO for its participants were also confirmed:

  • the widest possible access of investment projects to the audience of institutional investors and their clients;
  • institutional investors get access to investments in tokens with minimal expenditure of funds and resources;
  • individuals get convenient access to investments in tokens through financial institutions whose clients they already are.

Recall that in September, when speaking about the experimental ICO on the test site of the Bank of Russia, Ivan Semagin, director of the financial market development department at the Central Bank of the Russian Federation, said that although “technically everything went well, there were a lot of questions from a legal point of view”. And yesterday, the head of the Central Bank, Elvira Nabiullina, said that the “cryptocurrency fever” in Russia is ending.