Crypto May be Accepted as Payment for Barrels of Oil

A report released by on June 6 indicated that the head of Rosneft, a Russian oil company, has indicated he may be willing to accept payment for barrels of oil with cryptocurrency at some point in the future.

Igor Sechin referred to the increased acceptance of digital assets as evidenced by Amazon, Apple and Google’s exploration of oil and gas. Even though Facebook is currently developing a stablecoin, which could be used to purchase barrels of oil, there are some obstacles which must be cleared for energy companies to get onboard.

Sechin suggested that increased flexibility may lead to greater volatility with more risks for the companies. New regulations will need to be in place and answers aren’t yet available for these issues.

This is not the first time crypto has been linked to oil. Venezuela’s Nicolas Maduro issued the Petro which was a coin that may have been linked to commodities in the nation. Other major oil companies and banks joined together to launch a platform for commodity trading that was blockchain driven.