Share this article
Russian Central Bank Official: ICOs Have 'Huge Potential'
A senior official at Russia's central bank said earlier today that he believes initial coin offerings could drive funding opportunities for startups.
By Stan Higgins
Updated Sep 13, 2021, 7:09 a.m. Published Nov 14, 2017, 5:00 p.m.
A senior official at Russia's central bank said earlier today that he believes initial coin offerings (ICOs) could drive funding opportunities for startups.
According to the state-owned news service TASS, Bank of Russia first deputy chairman Sergei Shvetsov said that the central bank would "support the development" of the blockchain funding model. It's a notable development, given that the Bank of Russia – which doesn't serve as a financial regulator in the country – had published an investor warning about cryptocurrencies and ICOs back in September.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Shvetsov was quoted as saying:
"Our country has a tremendous potential of innovations, our students, young people and entrepreneurs have the edge over any country in the world from the viewpoint of ideas, and amid the lack of classical institutions of startups support, ICO development has a huge potential to finance those ideas."
What that aid will entail exactly remains to be seen. In subsequent comments, however, Shvetsov suggested that the blockchain use case could come to be viewed as a legitimate financial activity within Russia.
"Hopefully, ICO[s] will take a rightful place on Russia’s financial market," the first deputy chairman reportedly said.
Shvetsov's remarks come weeks after Russian president Vladimir Putin issued several official orders related to cryptocurrencies, including one that mandated the creation of new rules around ICOs. Whether that work will dovetail with subsequent steps from the Russian central bank is unclear at this time.
Image Credit: Shutterstock.com
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Internet Computer climbs back to $3 as short-term momentum improves
ICP pushed above the $3 level on rising activity, holding recent gains as traders reassess near-term direction.
What to know:
- ICP rose about 2.7% to roughly $3.00, reclaiming a closely watched psychological level.
- Trading activity increased during the move higher, accompanying the push through resistance near $2.95–$3.00.
- Price has since stabilized just above $3, keeping attention on whether the level can hold as near-term support.
Top Stories
