Russian State Duma to Study Blockchain and ICOs

The Russian State Duma has announced a competition to conduct research on blockchain technology and the cryptocurrency market, according to RBC, citing an official procurement notice.

The winner of the competition will be required to analyze cryptocurrencies issued on the basis of blockchain technology and the use of Initial Coin Offerings (ICOs) as an alternative channel for attracting investments.

Additionally, the research must include an assessment of the risks associated with the use of cryptocurrencies and provide recommendations for counteracting threats and risks posed by such technologies through government regulation.

According to the procurement documentation, the State Duma intends to use the results of this research to develop a package of legislative initiatives aimed at integrating promising financial technologies into the Russian market.

The maximum contract value is set at 2.49 million rubles. Applications for participation in the competition are currently being accepted.