The Central Bank of Russia states: ICOs have "a huge potential"

ICOs have "a huge potential," this is the statement of a high-ranking official of the Central Bank of Russia. He believes initial money offers could generate financing opportunities for new companies.

According to the TASS news service, the first vice-president of the Bank of Russia, Sergey Shvetsov, said the central bank would "support the development" of the blockchain financing model. This is a notable evolution, given that the Bank of Russia - which does not serve as a financial regulator in the country - published in September a warning to investors about cryptomonas and ICO.

Shvetsov was quoted as saying:

"Our country has a tremendous potential for innovation, our students, young people and entrepreneurs have a tremendous advantage in terms of ideas, and because of the lack of classical institutions to support initiatives, ICO's development has a huge potential to fund these ideas."

But what will involve this long-term aid from institutions remains to be seen. However, in later remarks, Shvetsov suggested that blockchain use could become legitimate financial activity in Russia.

"We hope the ICO will have a place of honor in Russia's financial market," said the first vice president. Shvetsov's comments come just weeks after Russian President Vladimir Putin issued several official orders related to cryptomonas, including one that forced the creation of new rules around ICO.