Russian Central Bank Reportedly Conducted 'Successful' ICO Trial

An official from Russia's central bank has revealed that the bank has recently conducted a "Successful" experimental Initial Coin Offering, as cited by local news agency TASS Tuesday, September 11.

"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".

Semagin made the announcement of the "Successful" trial during in the Eastern Economic Forum, an annual event dedicated to the interaction and partnership between the Russian Far East and the Asia-Pacific Region, participating in "The Far East as a Financial and Offshore Centre" discussion.

Both Russian and Chinese officials and journalists attended the forum.

During a discussion centered around crypto and ICOs, Alexey Chekunkov, CEO of the Far East and Baikal Region Development Fund, also noted that an ICO is a "Useful technology" that might bring a good deal of money to the state.

The largest Russian bank, Sberbank, was reportedly the first in the country to test crypto-related technologies earlier this year.

According to TASS, Russia then officially launched a regulatory platform for new digital financial services and technologies that require changes in regulation in April.

The Bank of Russia, along with state bodies and other institutions, then evaluates the pilot services and technologies participating in the platform.

Some top Russian officials remain sceptical about cryptocurrencies, ICOs, and blockchain.

President Vladimir Putin himself has said that Russia cannot have its own cryptocurrency, as cryptocurrency "By definition" cannot be controlled by a centralized entity.