Russian State Duma Reviewing Cryptocurrency Regulation

| Publish date: 02/25/2019
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The Russian State Duma, which is the lower house of the Federal Assembly of the country, is reportedly planning to review and even adopt a new digital currency regulation come March this year. Igor Yusufov, the former Energy Minister, is also proposing the idea of an oil-back cryptocurrency.

Introducing An Oil-Backed Crypto

According to the official report, the aforementioned head of the Energia investment-oriented campaign has tangible prospects for putting forward the said crypto. In fact, the construction of the project’s roadmap has already reached its final stage.

In an interview, Yusufov claimed that the introduction of a digital currency settlement system – one that could be deployed on the energy market – could enable the much-needed avoidance of costs associated with the utilization of not-backed-up currencies. Also, the move would cover the very fluctuations concerning these currencies’ exchange rates.

The former Energy Minister added that there could be significant savings on currency exchange commissions and trade restrictions. He believes that these are just a few of the many advantages that the proposed system could offer to the table.

Benefits Of Using The System

The official report also cites counties member coming from the informal Organization of the Petroleum Exporting Countries + (OPEC+), including the country of Russia. With the system heavily proposed by Yusufov, the former and the latter could benefit hugely from it. He said that this is possible due to the fact that the crypto platform has the ability to permit them to circumnavigate all financial and trade restrictions.

Moreover, Yusufov expressed that the blockchain technology could play a crucial role in tracking and verifying every barrel of oil – a process that could be done without the burden of additional costs. Igor Kostikov, the former head of the Federal Securities Commission of Russia, reportedly stated his opinions on the idea proposed by Yusufov. He said that not only both gas and oil could be connected to the system but as well as any exchange resource for that matter.

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Yusufov concluded that the oil-backed digital currency could be a pioneering project. It will be responsible for the creation of a reliable and efficient structure designed specifically for the cryptographic market.

Interestingly, the idea of state-issued, oil-backed crypto is not entirely new. It even resembles the titular Petro, which is also an oil-backed digital currency. The latter, in particular, was first announced by the president of Venezuela, Nicola Maduro, back in 2017. It was then launched in February the following year. The only catch, however, is that the crypto has yet to materialize.

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