PetroDollar to be Next Oil Backed Cryptocurrency
March 14, 2018 5:32 am,
Signal Capital Management declared the launch of their PetroDollar cryptocurrency (XPD) on March 12. Stated PetroDollars will let investors use peer to peer exchanged digital currency backed by the value of crude oil and natural gas as an alternative of thin air the organization group expects to present its ICO by late this year.
According to the assembly’s white paper, each PetroDollar will be supported by a supplies grouping of crude oil, natural gas, and gas assets. The token issuance will be firmly covered at 500 million with 450 million to be reserved for future sales.
A stated 25 million has previously been delivered to an affiliated oil company to be sold in order to progress the oil and gas reserves that will back the PetroDollar. The group supposes the ICO to increase $700 million.
Their white paper clarifies how investors will treat the PetroDollar as a currency in order to avoid certain tax duties and that it is not likely to be subject to annual tax but in its place will be taxed only upon any gains from their sale of PetroDollars,
Further statements are that the cryptocurrency will be tradable global outside of the customary banking system and that they suppose it to be in Top 20 cryptocurrencies by total market value.
The PetroDollar will use Ethereum services maintained by the blockchain in order to handle both crypto and fiat currency transactions according to the white paper.
The formation of a cryptocurrency bank is determining by Signal Captial, to both service PetroDollar investors while intending traditional banking functions also.