MOSCOW – Igor Yusufov, the former Energy Minister of Russia, has proposed an oil-backed cryptocurrency, which will utilize blockchain technology, according to Russian news source Rambler.
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Igor Kostikov, former head of the Federal Securities Commission of Russia, stated he supports the oil-backed cryptocurrency initiative and suggested that Russia should tokenize any exchangeable resource.
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptocurrency market as a whole,” stated Kostikov.
Yusufov explicitly stated in the interview with Rambler that the oil-backed cryptocurrency will utilize blockchain technology to track and verify every barrel of oil.
The Duma will vote on further cryptocurrency regulation beginning in March.
In January, Valentina Matvienko, the chairman of the upper house of the Russian parliament, urged lawmakers in the lower house to expedite all cryptocurrency bills regarding regulation.
According to Matvienko, these bills have already spent a year in the Duma, the lower house of Russian parliament, without any significant changes.
In February 2017, Venezuelan President Nicola Maduro announced they would be creating their own oil-backed cryptocurrency, the Petro. To date, the oil-backed Petro has yet to emerge.
The construction of the proposed Russian oil-backed cryptocurrency is reportedly at its final stage.