Eurasian Economic Commission Cryptos

Eurasian Economic Commission’s Assessment of Cryptocurrencies and Blockchain Technology

Tatyana Valovaya, the Eurasian Economic Commission’s minister for integration and macroeconomics, said that they want to go ahead in creating a consolidated financial market by 2025. The EAEU was established by 5 countries including Russia, Kyrgyzstan, Kazakhstan, Belarus, and Armenia, back in 2014. She went on to say that the Eurasian Economic Commission needs to further study the cryptocurrency and blockchain industry further as the concerned industry is becoming more robust.

Reports say the EEC has already created a working group of experts from the Eurasian Economic Union’s member countries. Valovaya believes that it has become absolutely necessary for creating a legal framework for cryptocurrencies. The EEC report focuses on the definition as well as regulations of cryptocurrencies. She also admitted that there could be a larger impact of cryptocurrencies on macroeconomic stability of a country or an economic region.

Eurasian Economic Commission Cryptos

Russia Going Ahead on Cryptocurrency and Blockchain Development

Reports say Russia’s Ministry of Finance is mulling the idea to launch its own digital currency, which will be backed by the countries in the Eurasian Economic Union. It is believed that the Russian cryptocurrency with backing from Kyrgyzstan, Kazakhstan, Belarus, and Armenia will come into effect from either 2020 or 2021.

However, Russian officials have reportedly said that the project will not use blockchain technology. It is believed that the new Russian crypto will be inspired by European Currency Unit. The European Currency Unit was the account unit of the entire European community, which was used by the entire European community before the advent of Euro (EUR).

Adoption of Cryptos Getting Faster in the Region

Belarusbank, the largest bank in Belarus, has announced that they might set up a cryptocurrency exchange in the coming months. They are also in the process of introducing virtual credit cards in place of the physical ones within a few months from now.

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