Nornickel to Dive into the Digital World

UTC by Julia Sakovich · 3 min read
Nornickel to Dive into the Digital World
Photo: Nornickel / Twitter

Vladimir Potanin, the chief of Norilsk Nickel, promotes more active usage of blockchain technologies and digital assets in the industry.

The chief of Norilsk Nickel, Vladimir Potanin, whose company is planning to issue stablecoins backed by palladium by the end of this year, made a statement about the “good level of communication with the Bank of Russia,” regarding digital asset legalization.

A Russian billionaire, Vladimir Potanin, promotes more active usage of blockchain technologies and digital assets in the industry. The businessman expects new laws for digital financial assets in the near future.

“The industrial companies have always been considered stagnant and clumsy. Previously we talked about the existence of an old and a new economy. I see the possibility of blurring the line between the new and the old because traditional old companies are also becoming very committed to the integration of this kind of new product,” said Potanin referring to tokens and blockchain technologies.

“Many industrial companies (including Russian and global) focus on innovations based on digital technologies. Earlier these companies consulted with experts or specialized agencies that developed digital innovations for them and now they have gained enough expertise to develop innovations themselves. Industrial companies have not only learned how to develop them on their own but also learned how to invent, create and launch testing. We can see the growing culture of sharing ideas with colleagues and other companies. An expertise exchange about this new kind of intellectual product has begun,” said Potanin.

He also added that this tendency creates an opportunity for integrators that can help companies using mutual potential. Even though the required law has not been adopted yet, Russian business society is ready to welcome new blockchain technologies.
Stablecoins for trading metals

According to Bloomberg March news, Norilsk Nickel and Potanin were planning to launch several digital platforms, some of which will use tokens for trading palladium. The company discusses the possibility of issuing tokens backed by a palladium fund registered in Switzerland. Afterward, the same concept can be applied and scaled to other metals. According to Potanin, there is a high chance that the platform will be ready by the end of this year.

“We hope that we will have the opportunity to realize the full potential of the digital project which we develop and going to launch globally in terms of Russian jurisdiction. We would like a Russian jurisdiction to be at the forefront of the global digital agenda” noted the representative of Norilsk Nickel. In autumn 2018 he declared the plans of Norilsk Nickel to issue stablecoins backed by the company’s metals.

“All digital businesses have sanctions protection, not all sanctions are applicable in the crypto world. The digital system is more democratic and independent,” explained Potanin.

Vladimir Potanin is also the head of the Russian Union of Industrialists and Entrepreneurs, which coordinates the legislation of digitalization. In October 2018, the businessman asked to suspend the consideration of the three following laws proposed by the Russian State Duma – “on digital financial assets”, “on crowdfunding” and “on digital rights”. They have already been considered in the first reading but have not taken the interests of businesses into account. He argued that all processes should be described in terms of traditional civil law rules in order to be as clear as possible to the investors. Tokens should be divided into two types: “issuing” – for which funds are raised, and “independent rights” – for purchasing goods and services similarly to a warehouse receipt.

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