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EAEU Countries To Study Cryptocurrencies In More Detail

14:19 29/01/2019
EAEU Countries To Study Cryptocurrencies In More Detail

The Eurasian Economic Commission (EEC) prepared a report on digital currencies and will soon present it to the leadership of five countries of the union. It was announced by Tatyana Valovaya, who is the EEC minister for integration and macroeconomics.


The member states of the Eurasian Economic Union (EAEU) will be suggested to consider the cryptocurrency industry in more detail, with the view of developing a legislative framework for regulating this industry.


As Valovaya added, the report explains what cryptocurrency is and analyses the current situation with digital money in the world, as well as the attitude of different countries towards it. The minister stressed that the EAEU states should create a harmonious crypto regulation to avoid barriers and “gray holes” allowing to bypass national laws.


According to the Commission, the EAEU should develop its own regulation, based on the world’s best practices.


Besides, Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan are planning to establish a consolidated financial market of the EAEU by 2025. According to Valovaya, the Union takes into account the fact that the crypto and blockchain industries are growing, so the EEC is trying to be aware of the trends and has already created a pool of experts from all five countries.


As previously reported, the EAEU intends to issue its own digital currency and overcome the economic difficulties caused by the US sanctions. According to the Russian Ministry of Finance, the negotiations between the states will last during 2019, and the release of a new cryptocurrency can be expected to be in 2020–2021.


Moreover, Russia may implement blockchain for the purposes of crowdbuilding.

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