Tokenizing Palladium – the next step for Russia’s richest man


If Russia ends its ‘Love-Hate’ of cryptos, can it be the ‘King of Blockchain’?

Russia is supposedly one of the crypto-embracing countries, ever since Putin announced he is on “board” with the whole cryptocurrency idea. The fact is that he put specific deadlines for the government to come up with specific ideas on the regulation of cryptocurrencies.

The set deadline is July 1st, 2019. The regulation needs to be adopted by the spring of this year, as Putin requires both  Council of the Federation of Russia and the lower house the Federal Assembly of Russia (Russian State Duma) to participate in the process of adoption and the strict timeline given.

The major goals of the regulations are: to help the development of a better digital economy, frame specific regulations for the digital assets industry and attract more funds for the technological advancement of Russia.

However, another Russian “giant” is on his way revolutionizing the digital asset world – by tokenizing the precious metal palladium.

Russian billionaire Vladimir Potanin has declared that he considers the launch fo crypto tokens to pegged to the metal. With a net worth of around $18 billion, Potanin is the CEO of Norilsk Nickel, a nickel and palladium-mining company.

Potanin is a big supporter of cryptocurrencies and has commented that we wants to promote the use of digital coins in Russia. As a start, he is going to invest around $5 million to launch a couple of digital platforms, one of which will use tokens to trade palladium.

The more interesting part of the news is that Potanin’s company is actually the world’s largest palladium producer, so if the CEO is out to make a special platform and tokenize the precious metal, that can have a huge impact on the crypto and precious metal markets.

The only missing part of Potanin’s plan is the regulations that are to be set by Putin. However, Russia seems to be on the pro-crypto side than on the cons one, it seems. Russia even introduced cryptocurrency education in some of its largest universities back in the autumn of 2017.

 

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Tokenizing Palladium - the next step for Russia's richest man

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