As per the reports by a major Russian news portal, the Russian Finance Minister thinks that the Eurasian Economic Union (EAEU) backed cryptocurrency can’t be avoided due to the United States Sanctions.
Alexei Moiseyev, the Russian Finance Minister gave his statement to the reporters,
“You see, since we have five members in the EAEU, respectively, negotiations with them will occupy the whole of 2019, and, probably, commissioning in 2020-2021.”
This is not the first time that such a currency has been introduced in the market. Back in 1979, a currency called the European Currency Unit (ECU) was introduced. It was based on the same concept and was used throughout the European Union member states as the primary measure of account. The currency was later, on January 1, 1999, replaced by the Euro. To minimise the fluctuations between the member state currencies and the ECU, the European Exchange Rate Mechanism was used.
Moiseyev concluded by saying,
“This is a good idea, we will develop it. It is supported by many parties and some countries. We must move in this direction. Inevitably, we must move in this direction, because the difficulties in calculations are increasing. The number of organizations that are under sanctions is also growing. We hear promises that now still (there will be sanctions – RNS comment). Accordingly, we must respond to this by creating reliable international payment systems that are not tied to the US dollar,”
Last month, the Prime Minister of Russia, Maxim Akimov, announced that crypto regulations in the country need amendments. The Duma Committee also announced the plans to launch a stablecoin based on the Russian currency.