Eurasian Economic Commission Considers Regulations for Cryptocurrencies

By Tracy Hannes | February 7, 2019
Eurasian Economic Commission Considers Regulations for Cryptocurrencies

The Eurasian Economic Commission (EEC) has put together a report on regulating cryptocurrencies, which focuses on the definition of crypto, and makes note of regulations undertaken in different countries.

Russian media reported (Jan 28) that EEC formed a working group of experts from all its member countries for the report.

EEC’s Minister for Integration and Macroeconomics Tatyana Valovaya was noted by Russian media as supposedly saying that it is vital for crypto to have a legal framework. With crypto and blockchain becoming more prominent in the economy, she said EAEU must study them. She also reportedly said that crypto will have an impact on macroeconomic stability sooner or later.

The EEC is the executive body of the Eurasian Economic Union (EAEU), a political and economic joining of countries mainly located in the central and northern parts of Eurasia. EAEU was first established in 2014, led by Russia, Belarus, and Kazakhstan. It is attempting to create a unified financial market by 2025.

As reported earlier by TheCryptoSight, Russia may have its own official ‘cryptoruble’ in as little as possibly 2 to 3 years’ time. Its Economic Ministry has also proposed a draft law allowing certain companies to use crypto in their financial transactions.

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