Why does Russia require oil cryptocurrency?

TECHNOTEC
TECHNOTEC
Mar 1 · 1 min read

The implementation of payment system in cryptocurrency on the energy market allows to get rid of the costs connected with the application of currencies that are not secured by reserves such as the unpredictability of deviations in exchange rates, commissions during currency exchange, trade limits.

Earlier, the possibility of creating a blockchain platform for payments on the energy market and introducing cryptocurrency secured by oil was discussed. And now the development of the action plan for this project is at its final stage.

In turn, many Russian experts consider it appropriate to issue a cryptocurrency secured by oil for payments on the energy market.

In the future, such a cryptocurrency will allow to transfer trading of all exchange energy resources to this platform. The traceability of the transaction, thanks to the blockchain, will guarantee the origin of each barrel and verify the entire chain from production to the final consumer without additional costs.

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