By John Lee.
Iran could release crypto-currencies backed by oil and gas, according to a report from Trend.
It quotes Sam Barden (pictured), Director of financial technology company SBI Markets, as saying:
“Bitcoin would be secure, have intrinsic value, unlike the USD, and create direct trade between partners without the need for third party settlement. This would also drastically reduce the cost per transaction, making a more efficient, modern, peaceful, real time trading market.
“I think the first thing to note is that the crypto currency bitcoin is in a huge speculative bubble right now, which means it is very volatile. I do not think bitcoin would be suitable or good for Iran to settle oil trades. However, blockchain, the technology which underlies bitcoin, would be good. Iran could create its own crypto currency, linked to energy.
“It could be called ‘energy coin’ for example, and each coin could be related to a barrel of oil or mmtu of gas. Coins could trade on an exchange, such as the Iran Oil Bourse on Kish Island, and Iran could settle all their energy trades in “energy coin”. Iran could then use ‘energy coins’ for international trade with its partners.“