Today the Russian Central Bank has announced the successful completion of the pilot project for the launch of the platform based on the blockchain, which is after the entry into force of the Federal law “On digital of financial assets” will allow any organization to produce and use in the treatment of “digital rights”.
Blockchain platform developed by PJSC “MMC “Norilsk Nickel” and tested in the regulatory “sandbox” BR for compliance its business model to the demands of the market. According to the statement by the Director of the Department of financial technologies, Bank of Russia Ivan Zimin, the results of the pilot project, the Bank recommended to include in the law “On digital of financial assets” provisions contributing to the implementation and development of innovative solutions for digital assets.
The digital platform is designed for the tokenization of the exchange of goods, services, securities, and other assets, as well as the hybrid edition of the token is tied to multiple assets. According to the developers, the hybrid assets to expand the field of investment and attraction of financial resources.
It is known that the promotion of legislation on digital currency and digital assets in the country is not moving ahead quickly. The introduction of provisions in the law is preceded by a serious testing of innovations in regulatory “sandbox” in terms of their impact on the structure of the financial market, the reallocation of funds in the banking sector and attracting investment in the economy.
To initiate testing of its innovative digital project can be any organization, by submitting an application to the Central Bank. Approval of the project will allow to regulate the activities in the framework of the proposed project.