A team of banking and technology specialists announced the launch of a unique cryptocurrency, OilCoin. The token will be subject to legal and legal regulations and backed by a physical asset based on oil reserves
The stable demand for “black gold” is currently receiving non-standard development in the digital technology market. Previously, we reported about Venezuelan project - to back up the national currency El Petro with oil reserves, and the same goal - to provide material support for virtual money - is being pursued by the creators of OilCoin.
According to banking experts and Bart Chilton, who was a member of the US Commodity Futures Trading Commission from 2007 to 2014, OilCoin will represent a value equal to the cost of one barrel of oil. According to the program developers, OilCoin will provide users with security from the volatility of the cryptocurrency, since the value of the token is focused on the real price of oil reserves.
“The price of the OilCoin token will be tied to the price of oil. However, if demand for OilCoin causes the price of one token to rise above the cost of one barrel of oil, additional OilCoins will be issued and the proceeds will be invested in additional oil reserves,” said project co-founder Darius Brooks.
The OilCoin team assured users that the project will comply with US laws and regulations and will be suitable for both the global and retail segment.
The developers have planned an ICO with a public sale of tokens at the beginning January 2018.
According to oilprice.com
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