The Bank of Russia completed tests of Norilsk Nickel’s blockchain platform for asset tokenization

The Bank of Russia completed tests of Norilsk Nickel’s blockchain platform for asset tokenization

Token Trading Platform From Russia’s Richest Man Enters Testing Phase

The Central Bank of Russia announced the successful completion of testing of the blockchain asset digitization platform developed by the company «Norilsk Nickel».

The main feature of the project is the possibility of issuing hybrid tokens, simultaneously provided with various goods, services, securities or other assets. Any organization can issue an emission on the site to attract investments or expand its activities..

According to Ivan Zimin, Director of the Financial Technologies Department of the Central Bank of the Russian Federation, this was one of the largest projects of the regulatory «sandboxes», during which the new business model and its relevance were studied. As a result, the Bank of Russia proposed to include provisions for the implementation and development of such platforms in the digital asset market in the draft law on the CFA.

After its adoption by the State Duma, the blockchain platform «Norilsk Nickel» will be able to start fully functioning.

The Bank of Russia completed tests of Norilsk Nickel's blockchain platform for asset tokenization

Despite the positive attitude towards tokenization, the Central Bank is still skeptical of cryptocurrency and insists that its use creates risks for the financial system.

text: Ivan Malichenko, photo: NeFact