A successful tokenization trial could pb to big changes in Russia's proposed cryptocurrency legislation.

The Fundamental Bank of Russia (CBR) announced on February. 17 the completion of a blockchain tokenization pilot using a platform adult by Nornickel within its regulatory sandbox.

The bank subsequently proposed to improve Russia's digital assets law to accommodate tokenization platforms.

The platform is open up to all organizations and it allows them to issue hybrid tokens backed by a basket of assets. The engineering science is said to expand financing possibilities for businesses, while giving new investment options for its users.

The head of CBR's fintech segmentation Ivan Zimin noted that information technology was 1 of the biggest projects backed by the sandbox. He was peculiarly excited almost the possibility of issuing hybrid tokens, believing that they tin can "quickly adapt to demands from businesses and users."

Zimin besides revealed that the bank proposed a regulatory subpoena driven past the results of the pilot:

"Post-obit the results of the pilot program, the Primal Bank of Russia proposed amendments for the federal bill project 'On digital financial assets' that are required to integrate and develop these solutions on the growing digital asset marketplace."

The platform was developed past Nornickel, one of the largest mining companies in the world. The corporation previously adult the platform to tokenize palladium, and began testing a digital nugget trading platform in December 2022.

Crypto's unclear regulatory status in Russian federation

The Russian regime's attitude toward cryptocurrency remains somewhat contradictory.

In January 2022, the Russian parliament began work on a bill regulating the usage of digital assets. Multiple delays have crippled the adoption of the beak, which still remains under consideration every bit of Feb 2022.

Though Russia'due south new Prime Minister identified the digital economic system every bit 1 of the authorities'south central priorities, progress is not uniform. Despite solid support for blockchain, the land's regulators are even so skeptical of cryptocurrencies.

Aslope the circuitous controlling process, several ministries and the cardinal banking company were reportedly considering a ban of cryptocurrency for payments in November, as well as plans for a legal framework to "confiscate" Bitcoin (BTC).