- The Russian Central Bank has announced that it has successfully completed the pilot Blockchain platform.
- The platform will allow the digitization of commodities, services, securities, and other assets.
- This platform is a part of the Russian Central Bank sandbox system that was launched in April 2018.
Today, the Russian Central Bank has announced that it has successfully completed the pilot Blockchain platform. This platform will deal with the issuance and turnover of digital rights. As of now, it is a part of the central bank regulatory sandbox.
The platform will allow the digitization of commodities, services, securities, and other assets. One of the unique features of this platform is the ability to issue hybrid tokens that can use various assets for collateral.
Any organization could use this digital platform to get these tokens. This platform would come in handy when an organization needs to expand its business opportunities and attract investors. It also provides a new instrument to make an investment.
Norilsk Nickel has developed this platform, and it will start functioning as soon as the law related to digital financial assets gets implemented.
This platform is a part of the Russian Central Bank sandbox system that was launched in April 2018. This sandbox works as a blueprint to model processes of the use and application of innovative financial services, products as well as technology.
The sandbox would also check the positive side effects of the implementation of these technologies. On the basis of these results, the service is either approved or denied followed by the formulation of a plan to implement the new service in an actual setting.
Any organization that has either developed a service or is looking forward to developing a service could use this sandbox. The sandbox will run the regulatory pilot and test it on various parameters before approving it for actual implementations.
A service that was created by Sberbank Rossii PAO (MCX: SBER) has become the first service to be successfully tested on this sandbox. It has been through the pilot phase mentioned by the Central Bank of Russia.
The service is created to facilitate remote-based control of permissions that carry out transactions using corporate client accounts.