The Eurasian Economic Commission, that is an executive body of the Eurasian Economic Union (EAEU), has prepared a report on cryptocurrencies to promote regulation within the area. Russian press agency TASS reports on the development on Monday, Jan. 28.

The Commission's minister for integration and macroeconomics, Tatyana Valovaya, said that EAEU — a political and economic union established by Russia, Armenia, Belarus, kazakhstan and Kyrgyzstan in 2014 — aims to make a consolidated monetary market by 2025. as the cryptocurrency and blockchain industries have become additional strong, the EAEU needs to study them, she continued .

The commission has formed a working group of specialists from all of the member countries, TASS reports. Their report focuses on the definition of cryptocurrencies, furthermore as examples of regulation in different countries. consistent with Valovaya, a legal framework for crypto is completely necessary.

The minister additional admitted that, sooner or later, cryptocurrencies might need an excellent impact on economic science stability.

As Top Market Group antecedently reported, Russia’s Ministry of Finance is considering launching a digital currency backed by the countries in the EAEU by 2020 or 2021. However, the project is unlikely to use blockchain: As per Russian officials, it may instead be inspired by monetary unit Currency Unit — the unit of account employed by the European community before it was replaced by the euro (EUR) back in January 1999.

Earlier these days, Jan. 28, Belarus’ largest bank Belarusbank has declared it would set up a crypto exchange and issue virtual credit cards instead of physical ones in a few months.

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