Russia may turn to cryptocurrencies in oil trade to challenge sanctions & the petrodollar

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. Read more.

RT

Related,
- Enter the 'petro': Venezuela to launch oil-backed cryptocurrency (video) - Reuters
- Oil-rich Venezuela is launching a cryptocurrency called the “petro” - Vice

- Backed by Oil and Gold: What is Known About Venezuela's Petro Cryptocurrency - Sputnik