Recent news has revealed Russia is looking to implement new crypto-regulations and has convinced it’s European and Central Asian ally states to join in on the action.
Tass, a Russian news agency, has recently stated that the Eurasian Economic Union (EEU), a political and economic union comprising Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan, have been told to form union-wide regulation for both blockchain and cryptocurrency space.
The EEU is making plans to follow the EU into a common financial market model by the year 2025, and its ruling commission’s Integration and Macroeconomics Minister Tatyana Valovaya has stated that “barriers and possible loopholes” should lead the elimination for an area-wide regulator policy.
The minister exclaimed that, as the blockchain and cryptocurrency sectors continue to see growth, the EEU shouldn’t ignore them when forming its economic policy.
Each of the five nations has completely different blockchain and cryptocurrency policies. Belarus has made attempts at positioning itself as one of the more liberal nations around the globe, and legalized cryptocurrencies, ICOs, and smart contracts. Russia, on the other hand, has changed its attitude towards cryptocurrency, with the government preparing itself to introduce “20 blockchain-related bills) this coming spring, and allow businesses in certain areas to conduct crypto-pay transactions pilots.
Russia has previously claimed that it’s looking for a way to create its own digital currency within the coming two years, and is hoping they can gain the support of the EEU for its project.