According to the Russia’s state-run news agency Prime, with cryptocurrencies it is possibility to untied oil trade from U.S. dollar. More countries on the world has problem with exporting of oil and gas because International restrictions. With crypto backed minerals it can be much easier for exporters to overcome these barriers. Team headed by Yusufov is now trying to find the proper blockchain platform on which this oil-backed cryptocurrency will be issued.
Igor Yusufov, Russia’s former energy minister, current head the oil and gas investment corporation Energia:
“Hypothetically, an oil-backed cryptocurrency would allow oil producing countries to avoid any financial and trade restrictions that have become excessive in recent years, and to step up exports of oil and natural gas”