EAEU Member States Weigh Use of Blockchain and Cryptocurrency By Cryptovest

EAEU Member States Weigh Use of Blockchain and Cryptocurrency

Moscow recently hosted an international scientific and practical conference titled “Problem aspects of cooperation in the field of distributed registry technology; Prospects for the Regional Financial Integration of the EAEU.” Discussion centered on the prospects and use of blockchain and cryptocurrency in the Eurasian Economic Union (EAEU).

The event was organized by the Eurasian Economic Commission (EEC) in collaboration with the Interstate Bank and the Financial University under the Government of the Russian Federation. The conference was attended by professionals from the scientific community, development institutions, banking sector, and professional associations.

At the opening of the conference, EEC’s Director of the Department of Macroeconomic Policy Tota Kaliaskarova stated the cryptocurrency was a priority topic for EAEU.

“This is a new phenomenon. Financial technologies are developing very quickly, and our task is to keep up with these processes and to respond to them promptly,” she said.

“From the point of view of macroeconomics, the appearance and use of cryptocurrencies will affect the monetary conditions in our countries and the macroeconomic stability of the whole EAEU. Member states are considering the use of cryptocurrency and the introduction of blockchain technology as a new factor in the development of the economy and an opportunity for deepening integration within the Union,” Kaliaskarova added.

She went on to discuss the EEC’s activities regarding cryptocurrency and blockchain and revealed some upcoming events.

At the conference, participants touched upon several topics, such as the international practice in regulating cryptocurrencies and blockchain, the aspects of the creation of a legal framework for the use of cryptocurrencies in the EAEU countries, the impact of the digitalization of the economy, and the development of distributed registry technology by the Bank of Russia.

The experts agreed on the need for creating a coordinated approach by the member states and showed their readiness to collaborate with the EEC in this work.

The Eurasian Economic Union is an economic and political union formed by Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan.

Last year, central banks in the Central Asia region, including from the EAEU state members, agreed that the high pace of blockchain and cryptocurrency development had unpredictable consequences on the financial sector.

This article appeared first on Cryptovest

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