The announcement takes note of the “high dangers” of trading digital currencies, and also interest in ICOs saying that it is a way to attract citizen’s investment.


The Bank of Russia reacts to the rising media profile of both ICOs – through which blockchain-based cryptographic tokens are sold in a crowdsale – and digital forms of money inside Russia. Surely, even an assistant to Russian president Vladimir Putin has said he is moving to hold his very own ICO.

The announcement takes note of the “high dangers” of trading digital currencies, and also interest in ICOs saying that it is a way to attract citizen’s investment.

The national bank went ahead to state that, at this stage, it won’t greenlight any cryptographic money exchanging on any official trades, nor would it encourage the utilization of the technology for infrastructure purposes. In the meantime, the Bank of Russia is not the monetary controller in Russia; that part is played by the State Duma and the Ministry of Finance.

The Bank of Russia said:

“Given the high risks of circulation and use of cryptocurrency, the bank of Russia considers it premature to admit cryptocurrencies, as well as any financial instruments nominated or associated with Crypto-currencies, to circulation and use at organized trades and in clearing and settlement infrastructure on the territory of Russian Federation for servicing transactions with Cryptocurrencies and derivative financial instruments on them”.

The announcements come after China’s turn to boycott ICOs and all the more firmly controlled community of trades offering access to those token deals. As CoinDesk already revealed, China-based ICOINFO has solidified its stage a week before the news and is booked to start returning cash to clients by the end of the week.

Hong Kong’s chief securities regulators warned of their own on ICOs, saying that some tokens may constitute securities – alike statements being issued by officials in Canada, Singapore, and the US in recent weeks.


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