US Bankers and Bart Chilton, a former member of the Commodity Futures Trading Commission, announced the creation of the oil cryptocurrency OilCoin. It is focused on oil reserves.OilCoin will tokenize oil barrels so that each digital coin will be worth one barrel of black gold.
OilCoin’s public token sale, also known as the initial coin offering (ICO), is expected to begin in January 2018.
Experts are confident that this will avoid in the future the volatility of the cryptocurrency. The new coin also has tax advantages - investors will pay a capital gains tax only when they sell OilCoin.The price of the cryptocurrency is pretty rough - it depends on the price per barrel of oil, if the demand for OilCoin grows, we will issue new coins.
The profit from their sale will be used to invest oil reserves, commented Darius Brooks, founder of OilCoin.
According to the founder, OilCoin complies with the norms and laws of the United States, therefore suitable for institutional, retail investors.We believe the OilCoin ICO represents a unique risk/return opportunity that should have great appeal to the U.S. and global investors seeking a highly experienced management team, a clearly defined and executable strategy, and a 'picks and shovels' way to participate in the hyperbolic growth of cryptocurrencies and blockchain-enabled applications.
- said OilCoin co-founder Darius Brooks, formerly with TPG, a leading private equity firm.
In a recent keynote speech delivered during Hong Kong FinTech Week, Commissioner Chilton extended his years old message by encouraging digital currency enthusiasts to seek regulation and work with regulators. OilCoin represents the manifestation of Commissioner Chilton’s desire to see the creation of a regulated digital currency based upon “something real that folks can touch and feel.”
Information Source: OilCoin