Bilur — the new virtual currency, tied to oil — takes aim at bitcoin
Geneva — A new virtual currency launched on Tuesday aims to rival industry leader bitcoin by pegging its value to oil assets, a first in the rapidly growing digital money sector. The currency called "bilur" and created by London-based financial services company R Fintech uses the technology pioneered by bitcoin, while trying to offer an alternative for those weary of the wild fluctuations that have plagued digital currencies. "This is the first crypto-currency with a real value," R Fintech’s CEO, Ignacio M Ozcariz, told reporters in Geneva. To start, the company has valued one bilur as equivalent to 6.5 barrels of Brent crude oil, making it an asset worth $356 (€326). Texas-based oil company Hockley has initially set aside 1-million barrels of crude as collateral to underpin the currency, but has told R Fintech it can ramp up if bilur becomes popular. Like bitcoin, bilur is run with so-called blockchain technology, in which encrypted digital coins are created by super-computers, reg...
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