The central bank of Russia has completed a blockchain pilot project that would allow them to issue and circulate digital rights. The central bank had announced back in December that it would be testing out its state-backed cryptocurrency within a regulatory sandbox.
“It was one of the largest sandbox projects.”
Organizations using this platform can issue digital tokens, and reportedly, this will expand business opportunities when it comes to attracting capital and creating new convenient investment tools for the consumers. Ivan Zimin, the head of the Financial Technology Development at the Bank of Russia, said that it was one of the largest sandbox projects, and they studied in detail the new business model and its relevance to market needs.
Russia is yet to pass federal law on digital financial assets.
According to the report, the blockchain platform will be able to start its activities as soon as the federal law on the digital financial asset comes into effect. The Russian central bank had previously said that they would support a law that prohibits the use of decentralized cryptocurrency. However, Russia is yet to pass legislation on digital financial assets. According to several local news reports, the draft bill is already finalized.