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EEC published report on cryptocurrency and blockchain issues in the Eurasian Economic Union

EEC published report on cryptocurrency and blockchain issues in the Eurasian Economic Union

7/22/2019
The Eurasian Economic Commission (EEC) has prepared the first of its kind report on the issues of developing cryptocurrencies and blockchain technology in the Eurasian Economic Union (EAEU) “Cryptocurrencies and blockchain as attributes of the new economy. Developing regulatory approaches: international experience, practice of the EAEU Member States, and prospects for its application in the Eurasian Economic Union”
The report was developed following the discussions at expert meetings held by the Commission in 2017-2019; it contains opinions of representatives of the Member States’ public authorities, business and academic community. Overall, eight round tables and seminars had been held in four countries of the Union, including Armenia, Belarus, Kazakhstan and Russia. (Detailed information on the Commission’s activities is available on the website).
In view of the difference in the Member States’ stances on regulating cryptocurrencies and blockchain technology, the EEC proposes, at the current stage, to harmonize approaches to regulating this phenomenon in the Eurasian space. This will ensure the formation of a barrier-free environment between the Union countries in new economic sectors and reduce the likelihood of competition between the EAEU jurisdictions.
Within the report, the Commission together with experts has prepared a common glossary and core principles for regulating cryptocurrencies, and blockchain which can become the blueprint for such harmonization. The terminology and principles will be further developed together with stakeholders.
The EEC’s Macroeconomic Policy Department has been monitoring trends in the development of cryptocurrencies and blockchain technology in the Eurasian space since December 2017. As part of monitoring the implementation of the Main Directions for Economic Development of the EAEU, the Commission has identified the problem of modern technology development as one of the global challenges faced by the Union countries.