Sort of yeah. It's a cryptocurrency, but state controlled, so practically more like a regular currency just digital. When we hear cryptocurrency we think Bitcoin, which is open and free, but this isn't as far as I understand. Also if it's really backed by a barrell oil it's at least backed by something sort of like the USDollar used to be before they abolished the gold standard, USD currently is backed by nothing as far as I know...
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I always think decentralized but then again some of these coins aren’t that decentralized