Move over Bitcoin - Russian billionaire thinks that tokens and the digital ruble will replace it

Vladimir Potanin is the second richest man in Russia. He thinks that the launch of a digital ruble, together with his own licensed tokens, will be able to supplant Bitcoin and other cryptocurrencies given that they are risky and unreliable.

Billionaire Potanin made his money investing into the largest producer of refined nickel and palladium on the planet. With the money he earned here, he helped found a company called Atomyze, which tokenises real world assets such as property and metals.

The Russian arm of the country has now received a licence allowing it to offer digital asset trading services. According to a quote by Potanin on a Bloomberg article, the billionaire seems scornful of cryptocurrencies:

“Unlike some cryptocurrencies, platforms like Atomyze offer consumers high-quality and secure digital goods and may squeeze unreliable products out from the market,”

Potanin’s stance is favourably looked upon by the Russian central bank, which has called for a complete ban on Bitcoin and other cryptocurrencies, saying that they are a threat to the financial system.

The bank is pro blockchain and its own digital ruble, but is extremely negative on cryptocurrencies, although president Putin has intervened and favours more the regulation of crypto so that his country can benefit from the taxes.

Potanin, on the other hand, has the view that once the digital ruble is rolled out, then it will make crypto irrelevant. He thinks that his representation of crypto is different, and that it is the next evolution of money.

“Metal coins were replaced by paper money, and then transactions became cashless,” Potanin said. “Digital financial assets are just the next stage.”  

Another of Potanin’s companies, Interros, which was used to help found Atomyze originally, is planning to invest around $1 billion in Atomyze, and also in other tech companies such as banks and exchanges. 

Atomyze will continue to offer tokenised metals, and has a plan to test its tokenisation of real estate in the Arctic Circle city of Norilsk.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.