Russia could follow Venezuela in launching an oil-backed cryptocurrency to circumvent sanctions in international trade.
Russia’s State Duma is planning to pass a resolution on a pending cryptocurrency regulation bill, reported a local source.
Oleg Nikolayev, a member of the State Duma Committee on Economic Policy, said that the Russian assembly house had led cryptocurrency regulations to its final stages. In contrast to the Russian Central Bank’s conservative stance on bitcoin and other virtual currencies, Olga said that the house was working on a business-friendly framework for these assets’ integration.
With Russia hinting to become a crypto-friendly state, the country is also putting its first big blockchain bet on an oil-backed cryptocurrency.
According to former energy minister Igor Yusufov, Russia is in the final stages of issuing a cryptocurrency-version of the petrodollar.
“OPEC + member countries control more than 2/3 of the world’s oil reserves. Such a union in their own interests will be not only logical but also economically justified.”
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“In this regard, one should not forget about the current Intergovernmental Agreement between the Russian Federation and Turkmenistan on cooperation in the gas sector until 2028 and the relevant contract for the purchase of Turkmen gas by Gazprom,” explained Yusufov. “Therefore, in the case of the project, such a center can become the first global center of cryptocurrency with real security.”
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