The rise of the value and popularity of crypto-currencies offer to a number of countries a chance to break free of the traditional financial institutions that have driven marketing practices for decades. The oil is the best example.
OPEC, increasingly drawn to crypto-currencies
The member countries of OPEC continue to index the value of oil in u.s. dollar, linking, in fact, this source of energy to the u.s. dollar. The superpower west has imposed sanctions on oil-rich countries, hampering their ability to trade. Following in the footsteps of Venezuela, Russia and Iran might consider using crypto-currencies in the search for an alternative to the dollar. Moreover, according to RT, an oil analyst predicts that the two countries consider virtual currencies as a method of sale of crude oil. According to the analyst of PVM Oil Associates, Stephen Brennock, virtual currencies are a credible way of breaking ties with the dollar. “The advent of crypto-currencies, therefore, represents a new catalyst for the countries producing raw materials eager to abandon the dollar as payment for oil “, he said.
Heads does one to a boycott of the cyclical us dollar ?
The major oil-producing countries have been working on plans to eliminate the dollar for some time now. China, Russia and Iran should agree on agreements of exchange of foreign currencies to keep the dollar from the oil trade. In addition, China is working on an agreement of petro-yuan with Venezuela to work around the greenback. The likelihood that these countries negotiate their fiat currencies is high, but it might be wise to consider the Bitcoin as the currency of choice internationally.
Source : Cryptocoinsnews