
Russia to Launch Oil-Backed Cryptocurrency - egusa
https://sociable.co/business/russia-launch-oil-backed-cryptocurrency/
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SCAQTony
Crude oil is unbelievably toxic. Tracy Alloway, executive editor at Bloomberg
Markets tried to buy a barrel of oil and found out that the rules for storage
are robust, to say the least. (Hydrogen sulfides etc.)

[https://www.bloomberg.com/news/articles/2015-11-03/that-
time...](https://www.bloomberg.com/news/articles/2015-11-03/that-time-i-tried-
to-buy-some-crude-oil)

If the Russian cryptocurrency was backed by gold, silver platinum, or even
rubbles, a cryptocurrency commoner could easily take delivery if they decided
to "cash out." The only user that could take delivery of Russian crude would
be refineries.

