Thursday, May 31, 2018

Will OPEC nations accept Cryptocurrency payments for crude oil?

Colleagues, OPEC was founded in 1960 and as of 2018 has 14 member nations which produce 44% of the world’s crude oil and possess 73$ of the world's "proven" oil reserves.  OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Indonesia, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola and Equatorial Guinea. Crude oil itself is a quasi-world currency today. We also know that some of these countries – most notably Iran – intend to use cryptocurrencies as a means of bypassing economic trade sanctions. And others such as Saudi Arabia may issue their own state-sponsored crude oil-backed cryptocurrencies. However, a separate question remains: Will there come a time when one or perhaps all of these nations will accept cryptocurrencies as “payment” for their crude oil? We are beginning to see corporate entities such as Amazon seriously exploring the acceptance of cryptocurrencies for their goods and services. Will OPEC follow? Share a comment and subscribe today! Lawrence, Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com)

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