Vladimir Potanin, one of the richest men in Russia, wants to launch a cryptocurrency that will be pegged to the palladium metal which is one of the most precious metals around the world. In our latest cryptocurrency news will find out more about his plan.
Potanin wants to improve the regulatory framework for digital currencies and platforms and to boost the use of cryptocurrencies in Russia. He stated:
“Transactions in tokens are simpler and more convenient. People more and more tend to use decentralized networks and platforms that don’t have a main operator. We want to be active participants of this process.”
The Russian billionaire has a net worth of about $18 billion which probably makes him the richest man in Russia but he is also the CEO of Norilsk Nickel which is a palladium-mining company. The oligarch wants to launch multiple digital platforms but only one to be meant for trading palladium.
Potanin believes that an investment of $5 million will be enough to launch all of the platforms because more money will be needed to keep the platforms operational and going. However, he believes that if the platforms succeed, the payoff will be enormous.
Norilsk Nickel is the first palladium producer in the world. The company is in negotiation process with the Swiss authorities in order to issue digital tokens via the Swiss-based palladium fund.
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Potanin thinks that the digital platforms will be created before the end of 2019 if he gets a regulatory approval.
Vladimir Putin-the Russian president, is a strong bitcoin skeptic who set a deadline for crypto regulation by the end of July. Putin previously set an earlier deadline in 2018 for bitcoin trading guidelines and ICO but the regulations were never materialized. He was concerned about the unregulated crypto market because he believes that it should be backed by a central bank. Moreover, the president told the Russian State Duma to adopt crypto rules by July 1st. The regulations aim to promote digital currencies in the country.
Potanin hopes that the regulation will be set by the end of the summer so he could start his project before the year ends.
Despite the oligarch being interested in crypto, other billionaires such as Eugene Kaspersky believes that the world is not ready for bitcoin yet despite being a brilliant innovation.
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