Monday, December 11, 2017

Move over Venezuela and their Petro Coin as former head of the CFTC announces establishment of OilCoin

As we know from last week, Venezuela's President Nicholas Maduro announced the creation of the Petro, which is a cryptocurrency to be backed by the oil reserves of the country.  However it appears that they are not the only Petro-crypto now on the block as on Dec. 11, a project involving the former head of the CFTC announced their own oil-backed cryptocurrency was ready for implemenation known as the OilCoin.

OilCoin, a project led by a team including Commissioner Bart Chilton of the U.S. Commodity Futures Trading Commission (2007-2014), is pleased to announce today the creation of the first legally-compliant digital currency based upon a physical asset. OilCoin will tokenize barrels of oil held in reserve with each token representing the value of one barrel. OilCoin's asset support will provide global users of digital currency with a meaningful safe haven from cryptocurrency volatility. OilCoin's public token sale (otherwise known as an ICO) is scheduled to begin in early 2018. – Business Insider


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