Russian central bank completes blockchain platform pilot project for digital rights issuance and transfer

According to Finacefeeds report on February 17, the Russian Central Bank recently announced that it has completed a pilot project of a blockchain platform for digital rights distribution and transfer, which is part of the country's central bank's regulatory sandbox.

Central_Bank_of_Russia (Image source: wikipedia )

The aforementioned blockchain platforms can digitize (tokenize) goods, services, securities and other assets. The platform has the ability to issue hybrid tokens and can use various assets as collateral.

Any organization can issue digital tokens through the platform. This will further attract investment, expand business opportunities, and create new investment vehicles.

The blockchain platform was developed by the company Norilsk Nickel, and the platform will start operations after this "digital financial asset" law comes into effect.

In April 2018, the Russian central bank launched the blockchain supervision sandbox. The blockchain regulatory sandbox is a platform for modeling the use and application process of innovative financial services, products and technologies. The main purpose of the supervision sandbox is to study the positive impact of the implementation of the pilot project, then approve the service based on the results of the pilot project, and develop a plan for implementing the new service. Any organization that has developed or plans to use innovative financial services can initiate a pilot project in the regulatory sandbox.

Previously, a service pilot project developed by the Russian Federal Savings Bank successfully passed the pilot phase of the Russian bank supervision sandbox for the first time. The bank's services are designed to remotely control the trading permissions of corporate customer accounts.