A senior official from Central Bank Russia pledges the support for ICOs. His belief that it could initiates funding opportunities after its great potential for startups.

Furthermore, the first deputy governor of the Bank of Russia, Sergey Shvetsov says that central bank will “support and development” of ICO funding model. According to TASS, the Russian state news agency, Shvetsov underlines the “huge investment potential” by ICOs. Thus, companies or startups raise funds in cryptocurrencies in exchange for the own tokens.

Shvetsov adds:

“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”.

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Particularly, within the months, central banker’s remarks come by official notice by Russia’s central bank. Since it is warning for the public of regarding the involvement of risks. Thus, it is by adopting or investing in cryptocurrencies.

Meanwhile, the Shvetsov’s added,

“Hopefully, ICOs will take a rightful place in Russia’s financial market”.

The weeks later, Sergey Shvetsov notes Vladimir Putin, Russian president issued few official approval orders for a framework to regulate ICOs and cryptocurrency.

In September, Shvetsov passionately stated that Russia would ban bitcoin exchange for “high risk” imposed by instability bitcoin price.

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