Russias Central Bank warns on ICOs and cryptocurrency use

Wednesday 6 September 2017 10:23 CET | News

The Bank of Russia has issued a new statement on the risks of taking part in initial coin offerings (ICOs) and using cryptocurrencies.

The central bank went on to say that it will not greenlight any cryptocurrency trading on any official exchanges, nor would it approve the use of the tech for infrastructure purposes. Nevertheless, the Bank of Russia does not serve as a financial regulator in Russia; that role falls to the State Duma and the Ministry of Finance.

Following China’s ban on ICOs, Russias central bank appears to be responding to the rising media profile of both ICOs, as well as cryptocurrencies themselves within Russia. This news comes in the light of Russian’s president Vladimir Putin advisor announcing he is moving to hold an ICO of his own.

Still, Hong Kongs chief securities regulators issued a warning of their own on ICOs, remarking that some tokens may constitute securities, echoing statements issued by officials in Singapore, Canada and the US in recent weeks, according to CoinDesk.

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Keywords: Bank of Russia, ICO, cryptocurrency, Russia, tokens, official ban
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies