Sat, December 02, 2023

Russian Company Nornickel and Tokenization Trial

The Central Bank of Russia and crypto

Nornickel is one of the largest mining companies in the world. It operates not only in Russia but in southern Africa and western Australia among other countries. Russia’s some of the wealthiest people, such as Vladimir Potanin and Roman Abramovich, as well as Oleg Deripaska, are the main owners of this company.

On February 17, the Central Bank of Russia (CBR) made an important announcement. According to the announcement, Nornickel completed a blockchain tokenization pilot. Nornickel developed a platform with the regulatory sandbox created by the central bank.

It is worth mentioning that a successful tokenization trial a step forward as this could to lead to big changes in proposed cryptocurrency legislation.

Moreover, the Central Bank of Russia proposed to adjust the digital assets law to accommodate tokenization platforms.

Importantly, the preform developed by the Russian company is open to all organizations. Moreover, it allows them to issue hybrid tokens backed by a basket of assets. This technology may be useful for companies, thanks to this technology; companies will give new investment options for their users.

Ivan Zimin made a comment regarding this topic. The head of CBR’s fintech division stated that it was one of the biggest projects backed by the sandbox.  Also, according to Zimin, hybrid tokens have the ability to adapt to demands quickly.

Furthermore, Zimin stated the bank proposed to amend the federal bill project “On digital financial assets.”

Nornickel and Russia’s crypto industryCryptocurrencies and Russian Federation

Interestingly, in 2019 Nornickel developed the platform to tokenize palladium and began testing a digital asset trading platform in December.

However, crypto investors, as well as crypto owners, should keep in mind that the crypto climate is far from being ideal. The Russian government’s position regarding cryptocurrency is contradictory to some extent. Consequently, they should be careful when it comes to investing in crypto-related projects due to lack of official position regarding the cryptocurrencies.


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