Central Bank Of Russia Finished Blockchain Pilot For Tokenized Assets

The Central Bank of Russia made the announcement in the second half of December that it will test its state-backed cryptocurrency within a regulatory sandbox. It looks like the test is now over and they have been completed as we are reading further in the following crypto news.

According to a local report, the Central Bank of Russia has completed its pilot project for the issuance and circulation of “digital rights”. This gives the opportunity to digitize goods, services, securities, and other assets as well.

Utilizing the platform, any organization can issue a digital token. According to the report, this will increase the opportunities for business when the question is attracting capital whilst at the same time creates new convenient investment tools for the consumers.

Speaking on the subject was Ivan Bank, Director of Financial Technologies, who said:

“This was one of the largest sandbox projects. We studied in detail the new business model and its relevance to market needs. An important detail of the service is the use of hybrid tokens, which make it easy to adapt to the needs of business and consumers and provide flexible solutions to attract investment. Based on the results of the piloting, the Bank of Russia proposed to include in the draft federal law “On Digital Financial Assets” the provisions necessary for the introduction and development of such decisions in the emerging digital assets market, which were supported by government agencies and businesses.”

 According to the report, the blockchain platform will have the ability to begin its activities as soon as the federal law “On Digital Financial Assets” goes into force. Allegedly, this draft bill is already written. DC Forecasts back in December of 2019 that the Central Bank of the Russian Federation is testing cryptocurrencies backed by real assets in a regulatory sandbox. Then, the head of the bank, Elvira Nabiullina, noted:

“First of all, we need to understand what will be the advantages to our citizens, for business, for example, compared to instant payment systems, because the issue of the digital ruble can have serious consequences leading to changes in the structure of the financial market, deposits outflows, and funds redistribution.”