Russia’s Second-Richest Man Opts For The Ruble Rather Than Bitcoin
Vladimir Potanin has said that he prefers CBDCs and tokens backed by real assets over private crypto. This was said by the country’s second-richest individual in a recent interview with Bloomberg.
Potanin said that he anticipated private cryptocurrencies will soon become obsolete as CBDCs and the tokenization of tangible assets gained traction. The billionaire, who invested in Atomyze, a blockchain business that tokenizes real-world assets in order to promote their quick and transparent exchange, was speaking after the firm’s receipt of a licence to operate in the nation.
“Unlike certain cryptocurrencies, platforms like Atomyze provide customers with high-quality, secure digital goods and have the potential to force faulty items off the market,” Potanin said. Potanin also said that developing a CBDC, or in this instance, a digital ruble, would be a positive move for Russia. He said that with a digital ruble, the central bank could promote blockchain technology without facing the dangers associated with private cryptocurrencies like as Bitcoin.
Potanin noted that a more strictly managed digital currency market would address concerns voiced in a recent Russian central bank research on cryptocurrencies, which recommended their prohibition. He stated that any transaction on the network could be tracked and validated.
According to the millionaire, CBDCs were the logical next step in the world of finance. Potanin also said that Atomyze, the firm he invested in, will soon begin issuing tokens that would allow users to acquire real-world items through the blockchain.
“Metal coins were phased out in favour of paper money, and then cashless transactions became the norm – digital financial assets are the logical next step.”
The Russian central bank produced a study in January recommending a ban on cryptocurrency usage and mining. The Russian central bank expressed worries about criminals’ use of cryptocurrencies and the energy requirements associated with mining the assets as impeding the country’s sustainable energy objectives. Tech industry leaders such as Pavel Durov, co-founder of Telegram, and Russian opposition spokesperson Leonid Volkov came out against the initiative.
According to a Feb. 8 declaration, the Russian government and central bank are now working together to write laws defining cryptocurrency as money.
Vladimir Putin, Russia’s president, indicated during a conversation with government officials that he believes Russia may have an advantage over other nations when it comes to cryptocurrency mining. “Of sure, we have certain competitive advantages here, particularly in so-called mining,” he said. I’m referring to the country’s excess of power and well-trained employees. ” It’s worth noting that Russia is now responsible for a large amount of Bitcoin’s hash rate.