Ministry of Finance in Russia believes that American sanctions made EAEU Digital Currency inevitable

According to Rambler report made on December 21, the creation of cryptocurrency backed by a Eurasian Economic Union seems inevitable because of the US sanctions says Russian Finance Ministry. The plan to launch the following digital coin that would be backed by every country of EAEU must be implemented in reality by 2021. This information […]

By - December 30, 2018
EAEU Digital Currency

According to Rambler report made on December 21, the creation of cryptocurrency backed by a Eurasian Economic Union seems inevitable because of the US sanctions says Russian Finance Ministry.

The plan to launch the following digital coin that would be backed by every country of EAEU must be implemented in reality by 2021. This information was provided by Alexei Moiseev, a deputy finance minister. The establishment of EAEU dates back to 2014 when 5 countries signed this agreement. Now the number of members has not changed and it includes such countries as Russia, Belarus, Kazakhstan, Kyrgyzstan, and Armenia.

Moiseev has also informed that probably, blockchain tech would not be used during the implementation of the following digital coin. This coin is going to be an analog to the European Currency Unit that was used in the European Countries before the introduction of Euro in 1999.

ECU was created in 1979 and was a representation of currency combination of all states of the EU. Its rate was counted on the basis of the weighted average of all currencies that participated in the project.

Analyzing data provided in the article, EAEU digital coin has received the support of other states outside the union. These are mainly those countries that trade with the members of this union.

Moiseev explained the inevitability of creating the currency by numerous sanctions applied to many companies operating in this region. Moreover, the number of sanctions is only growing, so there is a great necessity to replace the American dollar with a secure payment system to work at the international level.

In autumn, there was a bit different information provided as a digital coin to be created was planned to be an encrypted equivalent to ruble, Russian national fiat currency.

In a recent report, Maxim Akimov, a deputy prime minister of Russian Federation, told that the draft for this currency has already been created and would not be subjected to any changes even in spite of the fact that it is its first reading only.

The bill has received a title “On Digital Financial Assets” and became a cause of some active discussions. Experts question its effectivity as there are no such internationally recognized terms as “cryptocurrency” and “mining”.

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