A single digital currency in the Eurasian Economic Union (EAEU) may appear as early as 2020-2021. Reported by the IA TASS.
According to Deputy Finance Minister Alexei Moiseev, the project of the single digital currency of the EAEU will be an analogue of the ECU, which has already been used in the European currency system of the EEC and the EU earlier.
Speaking of deadlines, Moiseev noted that five countries are included in the EAEU :
- Russia,
- Kazakhstan,
- Belarus,
- Armenia,
- Kyrgyzstan.
Therefore, negotiations on the introduction of a single digital currency can take the whole of 2019, and the direct implementation of the project will be realized only by 2020-2021.
The Deputy Minister of Finance of the Russian Federation announced that the introduction of a single digital currency will help circumvent US economic sanctions, since it will not be tied to the US fiat currency.
“We hear promises that sanctions will now be imposed. Accordingly, we must respond to this by creating reliable international payment systems that are not tied to the US dollar, ” Moiseev said in a statement.
At the moment, it is known that, most likely, this project will not be based on blockchain technology .
Recall that the cryptoindustry in Russia is not regulated at all at the moment, but the corresponding law should be adopted in the spring of 2019. Now the draft law “On digital financial assets” is being finalized .
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