• 5 minutes Global Economy-Bad Days Are coming
  • 8 minutes IT IS FINISHED. OPEC Victorious
  • 14 minutes Venezuela continues to sink in misery
  • 17 minutes Could Tesla Buy GM?
  • 41 mins Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 9 hours OPEC Cuts Deep to Save Cartel
  • 50 mins Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 1 hour How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 14 mins $867 billion farm bill passed
  • 34 mins U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 45 mins USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 7 hours What will the future hold for nations dependent on high oil prices.
  • 5 hours Sleeping Hydrocarbon Giant
  • 10 hours And the War on LNG is Now On
  • 21 hours Price Decline in Chinese Solar Panels
  • 7 hours Air-to-Fuels Energy and Cost Calculation
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

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:




Back to homepage

Trending Discussions


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