Vladimir Potanin, one of the richest individuals in Russia and the CEO of metal conglomerate Norilsk Nickel, received approval from the Central Bank of Russia to operate a cryptocurrency.
A central bank-approved cryptocurrency
According to The Moscow Times, Potanin stated that the central bank has given the company the approval it needs to operate the firm’s cryptocurrency.
“To some extent Russia appears ahead of many other jurisdictions in terms of digitalization. The central bank gave us a very wide mandate.”
Speaking to CoinDesk in October 2019, Potanin disclosed that the cryptocurrency and the blockchain supporting it are being developed on top of the Hyperledger blockchain network, with the help of IBM.
Based on the protocol the cryptocurrency is launching on top of, it seemingly prioritizes control and transparency over decentralization, which is structurally different from existing cryptocurrencies like Bitcoin and Ethereum.
At the start, Potanin noted that the cryptocurrency will only be available for a select few institutions, and it would have to receive an approval from the central bank on a case by case basis to further expand the blockchain network. Read More...