Russia's Oil-Backed Cryptocurrency Project Development At Its Final Stage.

Russia's Oil-Backed Cryptocurrency Project Development At Its Final Stage.

2019-02-24 | Selina Mathew

Russia's Oil-Backed Cryptocurrency Project Development At Its Final Stage.

The Duma state in Russia ,the lower house of the Federal Assembly of Russia has revealed its plans to review and adopt new cryptocurrency related regulation in March. Igor Yusufov, the Energy Minister of Russia has additionally proposed an oil-backed cryptocurrency, in line with native news outlet report by ‘Rambler’.

Adding further, Rambler reported that the head of the Energia investment-oriented corp., former Energy Minister named ‘Igor Yusufov’, has tangible prospects for proposing an oil-backed cryptocurrency. The development of the project’s roadmap is reportedly nearly at its last stage.

In an interview with Rambler, Yusufov reportedly stated that the introduction of a cryptocurrency settlement system on the energy market may offer the avoidance of prices associated with the utilization of not-backed-up currencies and therefore the fluctuations of their exchange rates. He additionally cites savings on currency exchange commissions and trade restrictions as alternative samples of advantages that the planned system might bring.

The article also underlines counties member of the informal Organization of the Petroleum Exporting Countries + [OPEC+], as well as Russia, would profit the most from such a system. The reason provided is that the 'crypto' platform would allow them to circumnavigate monetary and trade restrictions.

Moreover, Yusufov is additionally quoted as explaining further that the blockchain would also be deployed to track and verify all barrels of oil alongside the complete chain with none extra prices. Igor Kostikov, reportedly commented on the idea, suggesting that not solely oil and gas may be linked to it, but any exchangeable resource. He added:

“Perhaps the oil-backed cryptocurrency would be the pioneering project which will make a reliable structure for the cryptographic market as a whole.”

The idea of a state-issued oil-backed cryptocurrency closely resembles the 'Petro', which is an oil-backed cryptocurrency, primarily proclaimed by Nicola Maduro, the president of Venezuela, earlier in 2017 and was 'launched' later in Feb. 2018. However, the oil-backed coin has thus failed to surface.

As 'reported' earlier in Jan., the chairman of the higher house of the Russian parliament has urged MP’s to expedite their work on digital economy bills that embody a draft on cryptocurrency regulation’s.

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