Vladimir Potanin proposes to develop a cryptocurrency supported by palladium

The Russian billionaire Vladimir Potanin He says it would be a great idea to develop a commodity-backed cryptocurrency palladium.

Potanin is preparing to develop a palladium-based cryptocurrency

Vladimir Potanin, the Russian billionaire, proposed to launch new ones crypto token anchored to the precious metal of palladium.

The concept of stablecoin, i.e. cryptographic token supported by fiat coins, is becoming increasingly popular. So a digital currency supported by a precious asset can be an interesting solution to face the fluctuations affecting cryptocurrencies.

Furthermore, tokenization would make their exchange easier and safer globally. As reported by Bloomberg, Potanin reports:

"Token transactions are simpler and more convenient. More and more people tend to use decentralized networks and platforms that don't have the main operator. We want to be active participants in this process".

Potanin is the boss of Norilsk Nickel, a nickel and palladium mining company, with a net worth of over $ 18 billion.

The Russian business tycoon plans to launch several digital platforms, including one that facilitates the negotiation of palladium-supported crypto.

In addition, Potanin wants to promote the use of cryptocurrencies in Russia with appropriate regulatory measures.

Potanin plans to invest almost $ 5- $ 6 million to launch all digital platforms.

In addition, he estimated that the operating costs of these platforms each year could be millions of dollars. But, Potanin notes that "if we are successful, the effect will be enormous".

The problem of regulation in the Russian Federation

Potanin is reportedly working closely with the Russian central bank to create a framework for regulating cryptocurrency platforms.

For this, Russia must first pass a law on digital currencies. The next regulatory hearing is scheduled for April 2019. Potanin hopes for a positive result by the summer to be able to start his project later this year.

The main problem, according to Potanin, is that the "digital platforms should not be managed only by banks and Exchange".

The use of the technology of blockchain it is growing enormously among the various economic sectors, particularly in the raw materials sector.

The Russian billionaire notes that he has already shared the idea with some customers and has received positive feedback. He says there is a healthy appetite for metal-backed digital currencies in Russia.

However, when it comes to decentralized digital currencies like Bitcoin (BTC), things are not the same. Eugene Kaspersky, Russian cybersecurity expert and CEO of Kaspersky Lab, defines cryptocurrencies as a great idea. However, he doesn't think the world is ready for this.