Russia’s central bank has successfully completed a pilot project that will allow the issuance and circulation of digital rights. The bank had announced in December last year that it would be piloting its state-backed crypto within a regulatory sandbox.

Per the report, organizations using this blockchain-based platform will be able to issue digital tokens. This project will expand business opportunities when it comes to attracting capital and creating new convenient investment tools for consumers.

According to the head of the Financial Technology Development at the bank of Russia, Ivan Ziming, the pilot was one of the largest sandbox projects. He claimed that the bank studied in detail the new business model and its importance to market needs.

The blockchain-based platform will be able to begin its activities as soon as the federal law on the digital financial asset is implemented, per the report. The central bank of Russia had previously declared their support for a law that prohibits the use of decentralized cryptocurrency. However, the country is yet to pass any legislation of digital financial assets.

Featured Image Courtesy of Shutterstock