Tag: oil

The Petroyuan Is Here and Global Oil Markets Have Reacted Positively

This morning, history was made as China began trading Yuan denominated oil futures contracts on the Shanghai International Energy Exchange. According to Liu Shiyu, the Chairman of the China Securities Regulatory Commission (CSRC), “We have the confidence, determination and ability to build a crude oil futures market with Chinese characteristics, and make due […]

Venezuela’s El Petro Cryptocurrency Could Revolutionise Not Just Monetary Markets, But Oil Markets

Pre-sales of Venezuela’s El Petro cryptocurrency continue to increase after the initial coin offering (ICO) pre-sale smashed anticipated figures. As Sputnik reports, “87,200 users in total have requested the purchase of el petro, out of which 3,520 were enterprises, while 83,760 were individuals. Some of those numerous requests were from Australia, Germany, Belarus, Brazil, Cuba, […]

Venezuela Announces Pre-Sale of Oil Backed Cryptocurrency–El Petro

Venezuelan President Nicolas Maduro has announced that his country will begin an international pre-sale of its new cryptocurrency, El Petro, on the 20th of February. Unlike other cryptocurrencies already in circulation which are effectively digital fiat currencies, El Petro’s value will be directly backed by/pegged to Venezuela’s vast oil reserves. […]