Russian oil market considering Facebook’s ‘Global Coin’ as a form of value

Russia may start to use the Global Coin, Facebook stablecoin to value its barrels of oil, reports CCN via a local publication.

Adapting to new tech

We learned this thanks to Igor Sechin, the lead at Rosneft, during the St. Petersburg Economic Forum. There, Sechin spoke not only on the possibility of Global Coin but on American companies moving into the oil industry:

“We see their significant investments in the development of universal technological solutions for processing large data arrays, developing alternative forms of transport, including unmanned vehicles and ecosystems of the“ sharing economy,” as well as in the world of financial and currency instruments.”

After this, he discussed that companies running barrels of oil may start using Global Coin to account for their prices. Of course, there are many other assets that could be used for this same purpose, like even Bitcoin, but it seems they’re interested in Facebook’s offering.

Of course, while these other assets are usable, the benefits of using Facebook’s coin is its giant user base thanks to the social media platform. This is a part of Russia’s plan to get more involved in the energy space.

Interestingly, that plan involves cryptocurrency online trading, something that the Russian government isn’t entirely ready to handle. For example, the publication states that there may be new rules that require a “qualified investor” to purchase digital assets, which is currently not the case for auto trading robots like Bitcoin Loophole and Bitcoin Blueprint. But, if crypto is the way to get ahead, the country seems ready to start on that path.

Again, its the universality that’s most appealing here. I mean, Facebook’s currency is called Global Coin. It’s something that everybody can use, and would ideally benefit every country on the planet. This is a big market for any company to get involved with, let alone an oil company trying to tap in. It’s most similar to China’s WePay solution.