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Richest Man in Russia: Vladimir Potanin proposes Palladium backed Crypto

Richest Man in Russia : Vladimir Potanin proposes Palladium backed Crypto

According to the richest man in Russia, Vladimir Potanin tokenized metals and other commodities have great potential. He said that there is a massive demand for cryptocurrencies backed by metals.

Cryptocurrency in Russia:

Regulating cryptocurrencies has been a struggle for Russia from a long time however, the richest man in the country, Vladimir Potanin has proposed to launch a cryptocurrency backed by palladium, a rare and precious metal.

With the rise of stablecoins (cryptocurrencies backed by a fiat currency or any other commodity such as gold), the idea of backing a token by a precious metal such as palladium shall be considered as a good idea. This would also make the trading of such commodities quite easy and convenient. As per the report by Bloomberg, Potanin mentioned that token transactions are much easier and convenient. People are looking forward to using such platforms which are decentralized in nature and does not have a single operator. He also said that they really want to be a part of this process.

Vladimir Potanin and Norilsk Nickel:

Being the chief of a nickel and palladium mining firm, Norilsk Nickel which has a net worth of over $18 million, Vladimir Potanin is planning to launch a lot of digital platforms which would include the platform which will allow the trading of the palladium backed cryptocurrency. The billionaire also wants to encourage the people of the country to use cryptocurrency but under bonafide regulation.

Vladimir Potanin has a plan to make an investment of $5-6 million in the launching of his digital platforms with a yearly operating cost of millions.

Potanin also mentioned that they are currently speaking to the regulators in Switzerland as the new cryptocurrency shall be issued through Palladium fund that is located in Switzerland. He also has the aim of expanding the token to other precious metals.

Vladimir Potanin has also been helping the Central Bank of Russia and other lawmakers in the country in order to frame a regulation for cryptocurrency exchanges. However, the first step for the country shall be to pass a regulation on cryptocurrencies or digital assets. The hearing for the regulation is to be held in April this year.

Layla Harding

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