Igor Yusufov, former minister of energy in Russia, proposes an oil-backed cryptocurrency for the country. Also, the lower house of the Federal Assembly of Russia, Duma proposes to review and adopt new crypto regulations in March.
Russia’s Proposed Cryptocurrency And The State Of The Crypto Industry
As noted by Russian financial outlet, Rambler recently, the head of the Energia investment-oriented corporation, former Energy Minister, Igor Yusufov, proposes an oil-backed cryptocurrency. The roadmap of the project’s development is noted to be in its final stage.
Yusufov said in an interview with Rambler that the introduction of a crypto settlement system on the energy market will exclude costs associated with regular cryptocurrencies; fluctuation of their exchange rate. The advantages of the proposed system include savings on currency exchange commission and trade restrictions according to Yusufov.
Further, the article noted that the cryptosystem would be very beneficial to the countries that are members of the organisation of petroleum exporting countries – OPEC which includes Russia. This is because the cryptocurrency platforms would enable them to circumnavigate financial and trade restrictions.
Furthermore, Yusufov stated that the blockchain would be used to track and verify every barrel of oil alongside the entire chain without any form of additional cost.
Igor Kostikov, the former head of the Federal Securities Commission of Russia, reportedly suggested that not only oil and gas could be connected to it but any exchangeable resources. He noted that perhaps the oil-backed cryptocurrency would be the pioneering projects that will create a reliable structure for the cryptographic market as a whole.
Meanwhile, Russia’s State Duma, which is the lower house of the Federal Assembly plans to review and adopt new crypto regulations in March. This is good news for the members of the crypto space in the country, as full adoption is awaited.
Russia’s Oil Backed Cryptocurrency
The newly proposed oil backed cryptocurrency by the Igor Yusufov is similar to the project launched last year by the Venezuelan government.
Petro, a national crypto project of Venezuela that is oil backed has been characterised as a failure courtesy of poor organisation and sanctions from the united states. The implementation and success of the proposed project of Igor Yusufov will make the industry more dynamic.