The Russian State Duma announced an open tendering of a research on financial technologies, with RUB 2.49m (around USD 43,000) allocated for the winner.

The subjects of research are the blockchain technology, ICO (Initial Coin Offering), and the common cryptocurrency market.

Kommersant reports that the corresponding decision is available on the Russian state procurement website. The maximal contract price is RUB 2.49 million.

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The winning tender is to analyze the application of ICO as a stable alternative channel for mobilization of investment resources and to develop a methodology for ICO regulation.

Another requirement is to reveal the challenges and risks the economy might face because of blockchain and ICO. The tendering participants should also come up with suggestions on how to resist possible negative consequences of applying those technologies.

The objective is to use the mentioned research to prepare a legislative initiative.

According to RBC’s sources, a finished draft law doesn’t exist yet despite the Russian politicians’ statements on regulation of cryptocurrency market. In particular, there is no common center that would coordinate officials’ efforts.

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