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Russia’s Largest Bank to Pilot First Official ICO

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Russian bank Sberbank CIB and the National Settlement Depository (NRD) will pilot the country’s first official Initial Coin Offering (ICO) using the Bank of Russia’s regulatory sandbox.

The Bank of Russia announced the launch of its regulatory sandbox in mid-April this year, offering Russian fintech companies the chance to test new technologies without the risk of violating domestic law. Add.Capital investment firm partner Alexei Prokofiev told Vedemosti that the new experimental ICO promised a “real experience of understanding the legal side of the future implementation of digital tokens and blockchain.”

The experimental ICO proceeds will reportedly be used to launch new tokenized online services by Level One, a company that runs the largest commercial lecture hall in Moscow. NRD’s Eddi Astanin told local media platform Vedemosti that the project’s tokens would only be sold for rubles and be open exclusively to “qualified” investors.

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