Russia is studying a proposal for new and better regulations on cryptography. Crypto oil can be a possibility

The Russian Duma (a division of the country's legislature) is studying the possibility of changing its political position on crypto; a decision that could be one of the most important resolutions regarding the adoption of cryptocurrency and blockchain technologies in the region.

Igor Yusufov

Although the details of this political movement remain unknown, it is essential to understand that, even though it is Bitcoin's main commercial market in the world, Russia still has a somewhat restrictive position on crypto.

However, on several occasions, various government members have given clues to accept the possibility of publishing a cryptographic key supported by the central bank. Although, in most cases, the information covered by the media consist mainly of rumors and comments, a report from the Russian financial center Rambler, the former Russian Minister of Energy, Igor Yusufov, proposes the creation of a stablecoin backed by oil.

Apparently, the country should have put in place a new legal system by next month. This was announced by Oleg Nikolaev, member of the Economic Policy Committee of the State Duma. The Russian press explains that the government seems to be willing to allow the development of blockchain and crypto technologies.

The country's efforts seem to be in line with Yusufov's proposal. The political strategist explains that a cryptocurrency would not only have a positive effect at the national level, but would also facilitate international trade, even between countries without the intermediation of Russia.

Russia: propose a functional version of Venezuelan Petro?

The idea is to create a crypto commonly used by oil-producing countries (OPEC and other traders in essential oils) with the aim of reducing the influence of the dollar while solving the problems related to international trade through traditional means:

"The introduction of a cryptocurrency settlement system in the energy market theoretically allows us to avoid the costs badociated with the use of unsecured currencies – the unpredictability of exchange rate fluctuations, the foreign exchange commission, trade restrictions. Such a project can contribute significantly to the development of the Russian and international digital ecosystem and constitute a new benchmark for commercial infrastructure, the use of blockchain and smart contracts for non-financial services.

The Russian strategist comments that a possible approval of the project by Russia would be the first step of a comprehensive perspective plan: "OPEC + member countries control more than 2/3 of the world's oil reserves. Such a union in their own interest will not only be logical but also economically justified ", Yusufov told Rambler.

The cryptocurrency proposed by Russia seems to have strong similarities with the Venezuelan proposal "Petro". Although this stable play has not yet begun to circulate and has been strongly criticized, a Russian-backed token could have greater credibility and chances of success.