The Central Bank of the Russian Federation endorsed six projects within the framework of the special regulatory regimes that can be implemented. This information was reported by TASS with reference to Ivan Zimin, Director of the Department of Financial Technologies of the Central Bank of the Russian Federation. “We have received more than 60 applications within the sandbox, the piloting of 11 projects has already been completed, 6 projects have been endorsed, and decisions on 5 projects have already been made”, - said Zimin.
The Central Bank of the Russian Federation launched the regulatory sandbox in 2018. It is a testbed with no customers and operations where the prototype is being tested, and all risks are assessed together with government authorities and the business community. When the testing and piloting of the project are completed, the Central Bank either endorses it and develops legal regulation, or does not endorse the project for reasons related to economic risks and operational and information security risks.
According to Zimin, the projects that were received by the Central Bank are mostly focused on digital rights, distributed ledger technology, biometric technologies and data analytics.
The Central Bank of the Russian Federation
Ministry of Digital Development, Communications and Mass Media of the Russian Federation