Professor and former banker Vladimir Frolov hopes to create new international financial system using the principles of bitcoin. He named the system after the famous polish astronomer Nicholas Copernicus.

Vladimir Frolov thinks that SWIFT system is slow and obsolete. He suggests to replace it with his own invention that he christened “Copernicus Gold”.

“It combines advantages of cryptocurrencies with conceptual advantages of gold” claims Frolov

The users of “Copernicus Gold” will be able to hold accounts in several currencies. Former banker also promises to defend these accounts from hackers with the help of cryptography.

Frolov has a critical stance towards bitcoin

According to the post, the system will work in Russian and in other countries “when all necessary documents will be ready”.

Vladimir Frolov was born in 1948. For the biggest part of his life, he was a professor. Back In 1989, he completed his PhD thesis named “Application of mathematics and personal computer in the national economy.” Later Frolov created “Northern treasury bank” and was the head of the consulting firm.

Professor from Russia is to the first one who tries to tie together blockchain and fiat currencies. This spring Factom project announced the partnership with Teter. The goal of this company is to combine the benefits of bitcoin such as cheap, secure, and fast transactions with the stability of fiat currency. Customers can convert their bitcoins into a corresponding amount of tether dollars, euros, or yens and send them anywhere in the world with the help of the blockchain. The service is still in the beta period.