Report: Russian State Duma to Review Crypto Regulation, Oil-Backed Crypto in Development

The Russian State Duma plans to evaluation and undertake new cryptocurrency regulation in March.

The Russian State Duma (the decrease home of the Federal Assembly of Russia) plans to evaluation and undertake new cryptocurrency regulation in March.  The former Energy Minister Igor Yusufov can also be proposing an oil-backed crypto, Russian monetary outlet Rambler reported on Feb. 21.

Furthermore, Rambler reviews that the pinnacle of the Energia investment-oriented company, former Energy Minister Igor Yusufov, additionally has tangible prospects for proposing an oil-backed cryptocurrency. The building of the challenge’s roadmap is reportedly nearly on the last stage.

In an interview with Rambler, Yusufov reportedly mentioned that the introduction of a crypto settlement system on the power market might permit for the avoidance of prices related to the usage of not-backed-up currencies and the fluctuations of their trade charges. He additionally cites financial savings on foreign money trade commissions and commerce restrictions as different examples of benefits that the proposed system might convey.

The article additionally that underlines counties member of the casual Organization of the Petroleum Exporting Countries + (OPEC+), together with Russia, would profit essentially the most from such a system. The purpose supplied is that the cryptocurrency platform would allow them to circumnavigate monetary and commerce restrictions.

Moreover, Yusufov can also be quoted as explaining that the blockchain would even be used to trace and confirm each barrel of oil alongside your complete chain, with none further prices. The former head of the Federal Securities Commission of Russia, Igor Kostikov, reportedly commented on the thought, suggesting that not solely oil and fuel could possibly be linked to it, however any exchangeable useful resource. He concluded:

“Perhaps the oil-backed cryptocurrency would be the pioneering challenge that may create a dependable construction for the cryptographic market as a complete.”

The thought of a state-issued oil-backed cryptocurrency carefully resembles the Petro, an oil-backed crypto first introduced by Nicola Maduro, the president of Venezuela, in 2017 and launched in February final 12 months. However, the oil-backed coin has up to now didn’t materialize.

As Cointelegraph reported on the finish of January, the chairman of the higher home of the Russian parliament has urged MPs to expedite their work on digital economic system payments that embody a draft on crypto regulation.

Original supply: https://cointelegraph.com/news/report-russian-state-duma-to-review-crypto-regulation-oil-backed-crypto-in-development

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