The gradual acceptance of digital currencies, with major exchanges about to launch bitcoin futures trading, may prompt some oil producing nations to ditch the US dollar in crude trade in favor of cryptocurrencies, an oil analyst says. Russia, Iran and Venezuela have more than one thing in common. All three are major oil-producing nations dependent on the dollar since the global crude market is
traditionally dominated by contracts denominated in US currency. Moscow, Tehran and Caracas are also facing US sanctions; penalties which are proving effective since the sanctioned countries are dependent on the US dollar to sell their crude. A decentralized currency – allowing anonymous transactions along with blockchain technology support to facilitate oil contracts – may be the ideal tool to allow the oil-producing trio to turn their back on the greenback. READ MORE
