Russian c-bank reports successful completion of blockchain platform pilot for issuance of digital rights

Maria Nikolova

The platform allows digitalization (tokenization) of commodities, services, securities and other assets.

The Central Bank of Russia today announces the successful completion of a pilot of a blockchain platform for the issuance and turnover of digital rights. The project is a part of the central bank’s regulatory sandbox.

The platform allows digitalization (tokenization) of commodities, services, securities, and other assets. A specific feature of the platform is the capability for the issue of hybrid tokens, using various assets as collateral.

Any organization would be able to issue digital tokens via the platform. This enables widening of the business opportunities for attracting investments, and creates new instruments for investments.

The blockchain platform has been developed by Norilsk Nickel and is poised to commence operations once the law “On digital financial assets” gets into effect.

Let’s recall that the Central Bank of Russia launched the regulatory sandbox in April 2018.

The sandbox works as a platform for modeling the processes of the use and application of innovative financial services, products and technologies. Checks of the positive effects of their implementation are carried out, and then, cased on the results of the pilot, the service may be approved and then a plan will be elaborated for the implementation of this new service.

Any organization that has developed or plans to use an innovative financial service may initiate a pilot on the regulatory sandbox.

A service developed by Sberbank Rossii PAO (MCX:SBER) has become the first to successfully pass the piloting phase of the Bank of Russia’s regulatory sandbox. Sberbank’s service helps remotely control permissions to carry out transactions using corporate client accounts

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