In Russia, the ICO standard will be developed to protect against fraudsters

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The Russian Association of Cryptocurrency and Locked (RACIB) will create a standard through which it will be possible to distinguish ICO from financial pyramids and fraudulent schemes. The media learned about this from the representative of the organization.

The document will take into account the truthfulness of information about the founders of projects and their teams, as well as data on the startups that they have implemented. Also, from the project organizers, the standard will require white paper - information about the technology, and how it works. Also, companies will need to provide evidence of the minimum realized version and minimum viability. The experts of RKKIB are also exploring the network resources of the projects and assessing the extent of the borrowings found there.

As stressed in the association, standardization will be carried out on a voluntary basis, at the level of the law, its fixing is not planned.

Recall, April 21, 2018, the Government of Russia published a response to the law on crypto-currencies, where there are recommendations for making changes to the document. In particular, they concern the specification of the terms "mining," "cryptocurrency" and "token," as well as their mutual correlation.