EAEU’s Executive Body Prepares Report in Anticipation of Local Crypto Asset Regulations
The Eurasian Economic Union (EAEU) appears to be working to become more crypto-friendly this year. Their executive body, the Eurasian Economic Commission, was recently ordered to create a report on cryptocurrency. This new report will serve as a guide in the promotion of regulation, which is a necessary component to the growth of the crypto industry locally.
The EEU was collaboratively established by Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan five years ago. Tatyana Valovaya, the minister for integration and macroeconomics in the Commission, spoke on the intentions of the union, which hopes to develop a consolidated financial market within the next six years. Blockchain and cryptocurrency are becoming increasingly prevalent in today’s financial and business world, giving the EEU a responsibility to learn more about them.
To ensure that the EEU gets a balanced amount of information, their working group includes experts from each of the participating member countries, based on a TASS report. The group will create a report that outlines the definition of cryptocurrency, the regulations that other countries have used, and other important details that will shape the crypto regulations within the EAEU.
The creation of such framework is vital to the survival and the legality of using cryptocurrency in the area. Eventually, Valovaya believes that cryptocurrency could have a significant impact on the stability of the economy on a larger scale, which many other countries are taking heed of.
The Ministry of Finance in Russia is deliberating over the concept of launching their own digital currency, which would be backed up by the EAEU member-countries but would not be in effect until 2020 or 2021. However, rather than applying blockchain technology to the efforts, there is a chance that the European Currency Unit could inspire the ledger, which is the unit of account that was used prior to the adoption of the euro (EUR), which happened about 20 years ago this month.
Belarus’s largest bank, Belarusbank, announced today that they were considering launching a crypto exchange, rather than going after a government-supported crypto asset. Their plan includes the issuance of virtual credit cards, rather than tangible ones, and could launch as soon as a few months away from now.