The countries of the EAEC will switch to cryptocurrency in 2020

Own digital currency of the union may appear earlier than the estimated monetary unit. In 2020, the territory of the Eurasian Union will have its own cryptocurrency. Currently, the issue of its creation is being worked out by the Eurasian Economic Commission. This was reported to Izvestia by a source close to the ECE. The information was confirmed by a source close to the Central Bank, two bankers familiar with the situation, and Yury Pripachkin, president of the Russian Blockchain Association and CryptoCurrency. According to experts, the appearance of its digital currency will facilitate settlements between countries and will circumvent the sanctions.

The name for the single EAEC cryptocurrency has not yet been selected, the working version is crypto-alytyn. It will appear in 2020. The common digital currency on the territory of the union is needed to facilitate settlement between countries, Izvestia’s interlocutor noted. At the same time, there is still no single monetary settlement unit in the EAEC.

The issue of creating its own cryptocurrency in the territory of the Eurasian Union is topical, believes Forex Club analyst Ivan Marchena. Obviously, digital money is gradually winning back the market from traditional settlement systems, he added.

– The first steps to legalize cryptocurrency have already been made, – Ivan Marchena noted. – So, in Belarus they have already been recognized, Russia is developing legislation in this direction.

The supranational digital currency in the territory of the EAEC can be considered as an international payment and settlement unit for the implementation of cross-border financial transfers in the Eurasian space, the head of the rating service of the National Rating Agency Tatyana Kovaleva is sure.

“Its introduction will simplify and accelerate the calculation and reduce the majority of transaction costs,” said Tatyana Kovaleva. – Crypto-currency, emitted within the framework of the EAEC and used only in non-cash settlements, will reduce the risks associated with national currencies, reduce threats of fraud and increase the transparency of transactions.

According to the expert, the use of cryptocurrencies will limit the impact of the SWIFT payment system within the framework of the EAEC, as international settlements are currently conducted primarily in dollars and take a certain amount of time. The currency, built on the use of blockchain technology, can allow to bypass sanctions, including servicing settlements within the framework of foreign trade turnover of the EAEC countries with other states, said Tatyana Kovaleva.

The introduction of its own crypto currency in the territory of the Eurasian Union will be an important step in the development of a single digital economy of the participating countries, the managing partner of the 2K audit company Tamara Kasyanova is sure.

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photo: wikipedia.org

Many countries have announced the creation of national crypto-currencies. Among them, Sweden (crypto-krone), Japan (J-Coin), United Arab Emirates (emCash), India (Lakshmi), Great Britain (national currency, tied to the pound sterling), China. However, the first national crypto currency in the world was introduced by Venezuela (El Petro) and is tied to a barrel of oil. Introduction of the national crypto currency was needed for the republic to bypass sanctions, with the help of its deployment, the authorities hope to attract financing from Russia, China and the Middle East countries. Source: iz.ru

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