According to an official from the bank of Russia, the bank has experimented successfully with issuing tokens. The deputy director of the bank, Ivan Semagin, told that the bank has actually experimented with issuing tokens using the existing framework. He clearly specified that the experiment was a success. Nevertheless, the bank actually faced certain issues which need to be sorted out before going any further.
He did not elaborate on any of the legal hassles as well as problems which the bank of Russia faced during the testing of the issuance of the tokens.
Earlier, Sberbank, also announced that it will be testing an ICO. It remains to be seen what is the future of this ICO testing. However, the fact that banks in Russia are willing to experiment with the ICO protocol is a development in itself. There are also rumors that many of the countries are actually looking to launch a Sovereign backed cryptocurrency as well. If that happens, cryptocurrencies will actually become much more mainstream than they currently are. Moreover, in such a case the investor base will increase significantly as well. This is one of the main reason why any such development as the potential to change the entire landscape of the cryptocurrency industry.
Moreover, since the experiments have been successful, it opens up new doors for issuing the tokens by the banks as well as the financial institutions. This is the reason why this news is actually a pretty significant development in itself.
On the other hand, if the banks also test the blockchain technology for issuing the tokens as well as issuing an ICO, the blockchain technology will actually become more famous. When blockchain technology becomes more famous, it will become much easier for more companies to adopt it as well. This will ensure that cryptocurrency, as well as blockchain, becomes more and more mainstream. When that is the case, the usage of cryptocurrency will also increase. As a result, the overall market cap across the cryptocurrencies, as well as Altcoins, will increase.
While some of the governments as well as authorities are busy enacting laws to ban cryptocurrencies and blockchain technology, some of the other governments are actively experimenting with these. This clearly indicates that not all the governments and authorities are averse to the idea of using cryptocurrency or ICO or blockchain. Many of the governments are actually planning to establish a hub for blockchain technology in their country to take advantage of this upcoming technologies.