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19 November
Tuesday

Russia

Vladimir Potanin to create his own crypto-tokens

Russia`s richest man will make a platform to trade by Palladium

Photo: Bloomberg

MMC Norilsk Nickel PJSC and its billionaire chief Vladimir Potanin are planning several digital platforms, including using crypto tokens for trading palladium. This article appeared in the Bloomberg.

The world’s top palladium producer is in talks with Swiss authorities about issuing tokens by its Switzerland-based palladium fund, and may eventually expand the concept to other metals, Potanin said in an interview in Moscow.

Potanin, who owns about a third of Nornickel and is also chief executive officer, said he has floated the idea to clients and there’s demand for tokens backed by metal.

For example, if a customer finds it doesn’t need all its contracted volume, it would either have to enter potentially difficult negotiations with the supplier, or take delivery of the metal until it needs it or finds a buyer. But if the client has a digital contract denominated in tokens, it could more easily sell the unwanted volume to someone else, the billionaire said.

"Transactions in tokens are simpler and more convenient," he said, adding that Nornickel may start the digital platform by year-end if it gets approvals.

Potanin, Russia’s richest person, is talking with lawmakers and the central bank to create further framework for regulating digital platforms.

To do so, Russia needs to pass a law on digital financial assets, and the next hearing on that has been postponed until April. Potanin hopes that it will pass in summer and he’ll be able to start the project by year-end.

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