Future of Cryptocurrencies in the markets brought up at St. Petersburg International Economic Forum

According to the latest report, Igor Sechin, the head of the Russian oil giant Rosneft in a statement revealed that digital currency’s lack of regulatory and volatile nature are major issues of concern, but the probability of using cryptocurrency is not entirely dismissed.

At the St. Petersburg International Economic Forum, Sechin discussed the future of cryptocurrency in the oil industry and stated that although the oil industry is aware of the cryptocurrency’s potential, the risks and regulatory issues in the crypto markets are preventing them from venturing into the crypto space.

He further stated that as Google and Amazon are looking into exploring the energy sector. Moreover, he mentioned about Facebook’s about-to-be-launched stablecoin GlobalCoin that would enable the purchase of oil in the future. He stated that although there is a possibility of collaboration between the oil industry and cryptocurrency, currently the issues of concern are the big turnoff s for the energy giants, like his own company.

This is not the first occasion when rumors of digital currency have been linked with the Russian oil industry. A few months back, former Russian Minister of Energy Igor Yusufov proposed the development of an oil-backed cryptocurrency to the State Duma. At that time, Russia’s Federal Assembly’s lower house was considering the digital currency’s regulations.