The Financial Technologies Department of Bank of Russia has approved the blockchain platform of PJSC MMC Norilsk Nickel, enabling the tokenization of goods, services, securities, and other assets.
Announced on Monday, the blockchain was incubated under the sandbox program of the central bank and was running as a pilot under its direct supervision.
Ivan Zimin, director of the Financial Technology Department at the central bank said that “It was one of the largest sandbox projects. We learned in detail the new business model and its relevance to market requirements.”
The decentralized platform enables businesses to issue hybrid tokens along with various assets which will ease the process of financing.
Zimin added that “An important detail of the service is the use of hybrid tokens, which make it easy to adapt to the needs of business and consumers and provide flexible solutions for attracting investments. Based on the results of the piloting, the Bank of Russia proposed to include in the draft federal law ‘On Digital Financial Assets’ the provisions necessary for the introduction and development of such decisions in the emerging digital assets market, which were supported by bodies and businesses of governments.”
Numerous blockchain Companies are taking advantage of the regulatory sandbox programs to make their market debut. Like the Russian central bank, its Singaporean counterpart is also piloting multiple blockchain projects under its sandbox.
Recently, the Monetary Authority of Singapore (MAS) approved iSTOX, a tokenized securities trading platform, providing two licenses after completion of its sandbox program.
Propine, another blockchain company in the same arena, joined the sandbox program of MAS, last November.
In the meantime, the Bank of Russia is also testing the prospect of issuing a stable digital currency pegged to real estate under its sandbox program along with its ongoing efforts for a central bank digital currency.
