The British company R FinTech tries to have the new virtual currency not only have one endorsement but one public one: the international price of oil.

It will not be the first time (nor the last) that someone tries a virtual currency that wants to compete with Bitcoin in its condition of "universal", virtual and digital.

The interesting thing about the proposal of the London company that is testing Bilur ("chain" in Basque) is that, like national currencies, it has a backing: oil.

Exactly: it is an interesting and - almost - unexpected evolution. But it is understood: the new currency learned from bitcoin errors and did not want to come out of nowhere.

And it is that R FinTech aspires that its criptomoneda become an alternative against those who distrust of the great fluctuations (and the associated losses) that, until now, have characterized to the virtual currencies.

"It is the first crypto-divisk with true value," R FinTech executive director Ignacio M. Ozcariz said at the launch press conference.

But how does it have its own value?

Well yes, because Bilur, apparently, tries to function as a commodity.

That is why, on the occasion of its launch, both R FinTech and its shareholders acquired ONE MILLION of PHYSICAL barrels of oil that are stored in Texas and that support the price of the currency.

That is, we moved from the "Gold Standard" to the "Oil Pattern".

Thus, the value of each Bilur is equivalent to the price at which ONE TONER (6.5 barrels) of crude oil is being traded each day.

For example, on Tuesday, May 2 (day of its launch), each Bilur was equivalent to US $ 356 or 326 euros.

Backing and transparency

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

"As bilur develops, more oil will be bought and reserves will reach billions of barrels," the company said in a statement.

These "reserves" will try to be the "Central Bank" of the new Cryptomoneda.

It is clear that investors who are developing this initiative understand that the volatility of bitcoin and partnerships with shady businesses is an opportunity.

Even the name indicates that they have the bitcoin in sight as "bilur" means "string", which is a clear allusion to the Blockchain used in cryptodivisas and that, of course, is not "exclusivity" of any.

It will work? It is too soon to know. Will it receive support from the Arabs, Russia or OPEP?