The Russian State Duma, in March ,plans to review and adopt new cryptocurrency regulation. The previous Energy Minister Igor Yusufov is additionally proposing an oil-backed crypto, Russian money outlet Rambler rumored on February. 21.
Furthermore, Rambler reports that the head of the Energia investment-oriented corporation, former Energy Minister Igor Yusufov, conjointly has tangible prospects for proposing AN oil-backed cryptocurrency. The development of the project’s roadmap is reportedly nearly at the ultimate stage.
In an interview with Rambler, Yusufov reportedly mentioned that the introduction of a crypto settlement system on the energy market may yield the avoidance of prices related to the utilization of not-backed-up currencies and also the fluctuations of their exchange rates. He conjointly cites savings on currency exchange commissions and trade restrictions as different samples of benefits that the projected system might bring.
The article conjointly that underlines counties member of the informal Organization of the petroleum exporting Countries + (OPEC+), together with Russia, would profit the foremost from such a system. The explanation provided is that the cryptocurrency platform would allow them to circumnavigate monetary and trade restrictions.
Moreover, Yusufov is additionally quoted as explaining that the blockchain would even be accustomed track and verify each barrel of oil aboard the whole chain, with none further prices. the previous head of the Federal Securities Commission of Russia, Igor Kostikov, reportedly commented on the concept, suggesting that not solely oil and gas may well be connected to it, however any exchangeable resource. He concluded:
“Perhaps the oil-backed cryptocurrency are the pioneering project that may produce a reliable structure for the cryptographic market as a whole.”
The idea of a state-issued oil-backed cryptocurrency closely resembles the Petro, an oil-backed crypto 1st declared by Nicola Maduro, the president of Venezuela, in 2017 and launched in Feb last year. However, the oil-backed coin has to date failed to materialize.
As Top Market Group rumored at the end of January, the chairman of the upper house of the Russian parliament has urged MPs to expedite their work on digital economy bills that embrace a draft on crypto regulation.
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