Russia will be the world’s first country to launch a “system of guarantees for ICO investments”. According to Russian media Izvestia, the project is preparing to be launched this year.

VEB Globex, the Russian Association of Crypto-Currency and Blockbine (RACIB) and the CrowdHub Internet site have joined together to design a system that will secure the ICO’s investments.

According to the Head of E-commerce and Remote Banking Services Development at Globex Bank- Alexander Mineev, the hub will be ready for testing in March 2018. He replied for Izvestia that “We assume that the project will start in March, then further development of its development strategy will begin”.

Each of these three companies are an important vector for the entire project. ICO- hub is going to accept both cryptocurrency and fiat money. In case you want to make a deposit with fiat coins, you will need to open an escrow account at Globex Bank. On the other side, for crypto assets, you will need to use a CrowdHub wallet.

What is an escrow account?

According to EconomicTimes, an escrow account is “a temporary pass through account held by a third party during the process of a transaction between two parties. This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled.”.

Mikhail Lapin told Izvestia that using the escrow accounts to develop ICO projects, will provide security to the all involved parties, also will reduce the risks of a possible fraud.

Russia didn’t implement a stable regulation related to cryptocurrency- yet. That’s why the investors face protection issues. Becoming the first country to launch a guarantee system for ICO investments, Russia’s economy will change significantly.