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  • New Cryptocurrency linked to oil price will compete against bitcoin


    A new virtual currency was launched on Tuesday in Geneva, with the ambition of competing with bitcoin by linking its value to oil prices for the first time in the growing crypto-currency sector.
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    The "bilur" - "chain" in Basque - created by the London-based company R FinTech, aims to offer an alternative to users suspicious of large fluctuations in cryptocurrencies.

    "It's the first crypto-divisk with true value" said Ignacio M. Ozcariz, the executive director of R FinTech, at a press conference. 


    For the launch of this currency, the company and its partners bought one million barrels of oil, stored in Texas.Each billet corresponds to the value of one ton (6.5 barrels) of crude, according to the price of each day, which amounted to 356 dollars (326 euros) this Tuesday. 

    It might interest you: 5 samples of how the price of oil could reach US $ 32 by the end of the year
    "As bilur develops, more oil will be bought and reserves will reach billions of barrels, " the company said in a statement.  
    Unlike physical currencies like the euro or the dollar, cryptocurrency like bitcoin do not depend on any central bank , but are generated by thousands of computers in the world and are sold and bought online. 

    Many websites and even some physical merchants accept payments with bitcoins, a currency whose value is very volatile.Its detractors criticize the lack of transparency of that currency and accuse it of being an instrument for various illegal traffic. 

    R FinTech will stay with 0.01% of the money in the hands of customers every day.

    Bilur, which means "chain" in Basque, is an allusion to the Blockchain technology used in crypto-currencies, the company said. 




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