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Russia's richest man launches cryptocurrency with Central Bank approval: report


Vladimir Potanin, the richest man in Russia, plans to launch his own platform based on blockchain and cryptocurrency after getting the green light from the Russian Central Bank, Moscow Times reports. New digital tokens will allow holders to buy metals, book plane tickets and transfer ski passes to Potanin ski companies. Nicknamed "Atomyze", the billionaire's blockchain platform aims to speed up transactions, cut red tape and eliminate middlemen.

In a recent interview, Potanin says:

“To some extent, Russia is ahead of many other jurisdictions in terms of digitization. The central bank has given us a very broad mandate. "

According to the report, Atomyze will also be available in the United States and Switzerland, but it will be limited to institutional customers. The platform is expected to be operational by the end of the year following the enactment of a Russian law on digital financial assets.

Potanin built his $ 22 billion fortune in the 1990s in the nickel industry thanks to the controversial equity loan program in Russia allowing wealthy entrepreneurs and banks to lend money to the Russian government in exchange of interests in the country's natural resource companies.

The tycoon expects his cryptocurrency to have the greatest impact on metals. Norlisk Nickel, one of the world's leading producers of palladium, platinum, nickel and copper, will be the first to test digital tokens. Potanin is the president and owns just over a third of the metal producer.

Initially, Potanin's pieces would be supported by palladium, cobalt and copper with plans to expand to more metals in the future. Several other companies are also planning to test Atomyze, including Trafigura Group, a commodity trading company based in Singapore; Traxys, Luxembourg supplier of financial and logistical solutions for mining and energy; and the multinational materials technology company based in Brussels Umicore.

Billionaire, who is said to have close ties to Russian President Vladimir Putin, appears on infamous "Poutine List" of 210 prominent Russians. Published by the U.S. Department of the Treasury in 2018, the list of names and shame is the result of Russia's alleged interference in the 2016 U.S. elections and its actions in Ukraine.

Said Potanin,

Our project is of great importance for the economy because the easier the new products are to offer, the faster they are produced.

Aiming to position its blockchain and cryptocurrency as a powerful value transfer tool, Potanin will be able to take advantage of the breadth of its reach and power which spans several sectors: pharmaceutical , real estate, sports and tourism. he would have has a large stake in Russian pharmaceutical company NPO Petrovax Pharm and has a background in finance as the founder and president of Onexim Bank, which became the country's largest private bank in the 1990s.

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Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors must exercise due diligence before investing in high risk in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.

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