Russian Minister Eurasian Economic Union (EAEU) says
An important Russian media outlet reported that their finance minister thinks Eurasian Economic Union (EAEU) sustained cryptography is inevitable because of US sanctions.
Deputy Minister of Finance Alexei Moiseyev told reporters:
"You see, since we have five members in the EAEU, respectively, the negotiations with them will occupy the entire 2019 and, probably, the commissioning in 2020-2021".
This idea is not new. A similar currency was developed in 1979, called the European Currency Unit (ECU). It was a basket of the currencies of the Member States of the European Community, used as a unit of account of the European Community before being replaced by the euro on 1 January 1999, at parity. The ECU it itself replaced the European unit of account, also on an equal footing, on 13 March 1979.
The European exchange mechanism attempted to minimize the fluctuations between the currencies of the member states and the ECU. The ECU was also used in some international financial transactions, where its advantage was that ECU denominated securities provided investors with opportunities for foreign diversification without relying on the currency of a single country. Subsequently it was replaced by Euro.
"This is a good idea, we will develop it, it is supported by many parts and some countries, we have to move in this direction, inevitably we have to move in this direction, because the difficulties in the calculations are increasing. penalties increases, we hear promises that now again (there will be sanctions – RNS comment), so we have to react by creating reliable international payment systems that are not tied to the US dollar "
Just last month, Russia's State Duma Committee on Financial Markets announced plans to launch a stablecoin based on the Russian currency.