New virtual currency to rival competitor bitcoin, producers promise without fluctuations

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This week a new virtual currency has landed on the market, as a competitor to industry leader bitcoin. The new currency has potential to successfully penetrate the notoriously difficult financial sector by securing its value to oil assets, a first in the industry. The ‘bilur’ as it will be known was produced by London-based financial services company R Fintech. They used the same technology pioneered by bitcoin, whilst attempting to offer a replacement without the instability and fluctuations that have commonly surrounded digital currencies. Initially, the company has valued 1 bilur as equivalent to 7 drums of crude oil, making it worth approximately USD $350 or €320 euros.