Russia: "Biocoin" the first regulated ICO

Last Thursday, the Russian media reported the ban on several exchanges in the country. The central bank has not hidden its desire to continue in this direction against all those who will not be accommodating with the Russian regulation. In parallel, the first Russian-standard ICO started three days ago.

Russia is in control

The agency in charge of the Internet - Federal Service for the Supervision of Communications, Information Technology and Mass Media, say Roskomnadzor - recently announced the blocking of 13 trading platforms in Russia. After announcing a draft law expected for 1 July 2018 and launching various experiments on cryptocurrencies, Russia seems determined to take full control of the crypto landscape within it.

The Russian government seems to have a track record. After a brief period of prohibition, Putin spoke in favor of regulation and, in the past month, the upcoming launch of a national cryptocurrency has been announced. A pilot city for experimentation on cryptocurrencies has been designated. Indeed, Vladivostok now houses two advisory and monitoring agencies, in close communication with the government.

The arrival of ICO "regulated"

Rather than prohibiting, Russia has chosen the path of legislative support to control the crypto universe at best. On 1 November, the first legal ICO in Russia was launched. This ICO will be used to finance the Biocoin project.

Biocoin aims to develop a blockchain based on the principle of loyalty, and aims to combine cryptocurrencies with a loyalty system pushing users to consume products from an organic and ecological agriculture. Everything started from a farm cooperative, LavkaLavka, and then evolved into a large-scale plan to change the face of agriculture with the launch of the Biocoin token.

The project is initiated by Boris Akimov, a full-fledged Russian who has been working as a car washer in Moscow, passing through student in Tacoma, deputy editor of the Russian Rolling Stones, and eventually creating his chain of organic farm produce stores: LavkaLavka.

"We are delighted to present the very first legal ICO in Russia. Our blockchain platform has already attracted the attention of the general public, including Prime Minister Medvedev, who attended our presentations. «Boris Akimov