• 3 minutes Cyberattack Forces Shutdown Of Largest Gasoline Pipeline In United States - Zero Hedge
  • 6 minutes Renewable Energy Capacity Jumped 45% Worldwide In 2020; IEA Sees 'New Normal'
  • 11 minutes Forecasts for Natural Gas
  • 20 mins U.S. Presidential Elections Status - Electoral Votes
  • 18 hours Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 7 hours Electric vehicle market growth is a blessing for some metals — and not a big worry for oil
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours .
  • 1 hour Сryptocurrency predictions
  • 2 days CRAPPIFORNIA DOES IT AGAIN! California proposes to steer new homes from gas appliances
  • 2 days 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows

Breaking News:

Rosneft Swings BackTo Profit In Q1 2021

Oil Moves Higher On Largest Crude Draw Since January

Oil Moves Higher On Largest Crude Draw Since January

Oil prices moved higher after…

Canada’s Oil Patch Is Preparing For A Production Hike

Canada’s Oil Patch Is Preparing For A Production Hike

Most Canadian oil producers seem…

Mozambique Delays Could Disrupt Global LNG Market

Mozambique Delays Could Disrupt Global LNG Market

The global LNG market, which…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OilCoin: The World’s First Compliant Cryptocurrency

A team of banking and technology managers and former U.S. regulatory commissioners said on Monday that they are launching the world’s first regulatory compliant cryptocurrency backed by a physical asset—OilCoin, which will be based on oil reserves.

OilCoin’s public token sale, also known as the initial coin offering (ICO), is expected to begin in January 2018, said the team behind the project that includes Bart Chilton, former Commissioner at the U.S. Commodity Futures Trading Commission (CFTC) between 2007 and 2014.

The aim of the OilCoin is to tokenize barrels of oil, where each token will represent the value of one barrel, and provide users with a meaningful safe haven from cryptocurrency volatility, the team launching the digital currency said.

“The price of an OilCoin token will approximate and move in tandem with the price of a single barrel of crude oil. As demand for OilCoin causes the price of a single OilCoin to rise above the price of a barrel of oil, additional OilCoin will be issued and the proceeds will be invested in additional oil reserves,” said OilCoin co-founder Darius Brooks, formerly with private equity firm TPG.

OilCoin will comply with U.S. laws and regulations and will be suitable for global institutional and retail users, the team noted. Related: Oil Investors Are Growing Impatient

According to the OilCoin project proponents, the fact that the digital currency will be backed by oil reserves, and that it will comply with the U.S. securities and commodities laws will address the criticism that cryptocurrencies have been receiving from prominent figures in finance, commerce, and government regulation. 

Meanwhile, the Bitcoin craze continues and Chicago-based Cboe Global Markets launched trade in bitcoin futures on Sunday in what is the first exposure to a regulated mainstream exchange for bitcoin investors.

According to OilCoin proponent Bart Chilton, trading bitcoin futures is safe and could help stabilize its highly volatile trade.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Patrick Mecimore on December 31 2017 said:
    This will help facilitate the next oil crash.
    Why is it people want paid on the future rather than the present value.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News