The Ministry of Finance of Russia (MinFin) believes that the creation of the digital currency of the Eurasian Economic Union (EAEU) is inevitable due to sanctions from the United States.
The main Russian media agency Rambler informs that MinFin takes into account the possibility of launching a digital currency supported by EAEU countries. The project could be implemented by 2021. The information was confirmed by deputy finance minister Alexei Moiseev.
The Eurasian Union was established in 2014. It includes five Member States: Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan.
E-currency without blockchain?
Something else is astonishing. It seems that the digital currency will not be based on blockchain technology. This is also confirmed by Moiseev. According to the deputy minister, the common currency of EAEU will be a kind of analogy to the European currency unit (ECU), a unit of account used by the European community, before it was replaced by the euro (EUR) in January 1999.
The ECU, implemented in 1979, constituted a combination of the currencies of the Member States of the European Community, and its rate depended on the weighted average of the currency components.
The idea of a common EAEU currency is supported not only by members of the economic union, but also by other countries that are the main trading partners of the EAEU countries. Deputy finance minister of Russia notes that turning to the creation of a digital Eurasian currency is “unavoidable” due to the growing number of sanctions. Moiseev said:
“We hear announcements of new, upcoming sanctions, and we must react by building a secure international payment system that is not based on the US dollar.”