World’s First Compliant Cryptocurrency Termed OilCoin Backed By Oil Reserves Soon To Be Launched Globally
With massive propaganda carried out in favour of ushering in legalisation in the sphere of cryptocurrencies, a team consisting of technology managers, banking managers and former U.S. regulatory commissioners revealed on Monday that they shall soon be launching the foremost regulatory compliant cryptocurrency. This digital currency shall be backed by oil reserves and known as OilCoin.
The public token sale of OilCoin also known as initial coin offering (ICO), is known to begin its operations from January 2018. The team backing up the project includes heavyweights such as Bart Chilton, who was the former Commissioner of the U.S. Commodity Futures Trading Commission (CFTC) in between 2007 and 2014.
OilCoin aims to tokenize oil barrels wherein the value of each barrel shall be represented by one token. This will help protect the users from the inherent volatility of cryptocurrencies. The team working towards the launch of this digital currency was quoted as saying,
“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.”
OilCoin has been co-founded by Darius Brooks who used to work previously with the private equity firm TPG.
OilCoin shall suit all retail and global users with its U.S. law compliant nature, revealed the team behind its development. The project proponents of OilCoin also revealed that by being compliant and backed up by oil reserves, this cryptocurrency form can bridge over rampant criticism received from commerce, finance and government regulatory honchos.
2017 has been a year of bull for this cryptocurrency and even during the very last month, the dream run of Bitcoin is not showing any signs of slowing down. CBOE Global Markets provided positive impetus to the same after launching bitcoin futures trade in its exchange platform on Sunday. This has helped in increasing the exposure of retail and institutional investors towards the world of regulated mainstream cryptocurrencies. Bart Chilton, the OilCoin proponent revealed that trading in bitcoin futures is risk-free and can help in bringing stability even in a highly volatile market.
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