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EAEU countries work on introduction of national cryptocurrencies

17 July 2017 06:54, UTC

EAEU countries – Russia, Armenia, Byelorussia, Kirgizia and Kazakhstan shifted from longstanding discussions on the need to introduce a common currency and its efficiency, to more advanced technologies. According to Gazeta.ru referring to Minister of Economy and Financial Policy of the Eurasian Economic Commission (EEC) Timur Zhaksylykov, these countries work on creation of national digital currencies. Both governments and business associations are involved in development of national cryptocurrencies with the participation of financial regulators.

“Digital rush” has reached the Russian President soon after the Saint-Petersburg International Economic Forum (SPIEF). After a little while not only Russian officials but also those of other EAEU countries began to talk about introduction of national crypto currencies. Deputy Chairperson of the Russian Central Bank Olga Skorobogatova reported about possible creation of a national digital currency explaining that if a revolution could not be avoided, it is necessary to take charge of it. Earlier the Bank of Russia spoke out against cryptocurrencies warning that their exchange into rubles or dollars would be considered as violation of the legislation on fight against money laundering and the financing of terrorism.

According to Olga Skorobogatova, it can take 2-3 years to create a national cryptocurrency. Last week Chairperson of the Russian Central Bank Elvira Nabiullina also mentioned this possibility and regulated cryptocurrency emission. The feasibility of this undertaking has been also confirmed by Head of the Russian Federal Service for Financial Monitoring Pavel Livadny; the bill on cryptocurrency rotation in Russiais already under preparation and can be submitted for consideration to the State Duma in September 2017. The Ministry of Finance, in its turn, suggested to classify Bitcoin as “digital financial asset” imposing a corresponding tax on it.

Timur Zhaksylykov found it difficult to say, which of the EAEU countries would be the first one to introduce a national digital currency. Meanwhile, as for Kazakhstan the question is about creating a global world cryptocurrency, the government of Kirgizia denied the information about introduction of digital currency on its official website. Ukraine and unrecognized state of Transnistria confirmed possible creation of national cryptocurrencies.