An unusual positive appraisal of ICOs came Tuesday from Russia’s central bank, with the institution’s First Deputy Chairman Sergei Shvetsov expressing hopes that “ICOs will take a rightful place on Russia’s financial market.”
“Our country has a tremendous potential of innovations, our students, young people and entrepreneurs have the edge over any country in the world from the viewpoint of ideas, and amid the lack of classical institutions of startups support, ICO development has a huge potential to finance those ideas,” Shvetsov stated, as quoted by news agency TASS.
The Russian authorities’ position about ICOs has been subject to contradictory signals so far. In early September, Bank of Russia issued a public notice on the risks associated with cryptocurrencies and ICOs. “Cryptocurrencies are issued by an unlimited number of anonymous entities. Hence, citizens and legal entities can get involved in illegal operations, including laundering of illegal income and terrorism financing,” the notice read. The central bank associated “high risks” in operations involving cryptocurrencies, including their issuance, circulation, exchange and fundraising through ICOs.
Russia’s position should be clarified at last next years, following President Putin’s instructions to develop a legislative framework by July 1, 2018.
