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  • Russia together with EAEU countries will launch a supranational cryptocurrency - cryptoaltyn

    Russia together with other countries of the Eurasian Economic Union (EAEU - Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan) intends to launch its own cryptocurrency in the territory of the entire economic association by 2020. The final name of the digital currency is not selected, the working version is "cryptoaltyn". This is reported by "Izvestia” with the reference to a source close to the Central Bank, two bankers familiar with the situation, and the president of the Russian Blockchain and Cryptocurrency Association Yuri Pripachkin.

    Pripachkin has noted that common cryptocurrency in EAEU may appear even earlier than a single monetary unit of calculation.

    Forex Club analyst Ivan Marchena drew attention to the fact that the first steps to create common cryptocurrency in EAEU have already been made. So, Belarus was the first country among EAEU to legalize digital currencies, and Russia is actively working in this direction.

    The head of National Rating Agency Tatyana Kovaleva is confident that the created cryptocurrency will be able to become an international payment and settlement unit for the implementation of cross-border financial transactions in Eurasian space.

    "Its introduction will simplify and accelerate the calculation and reduce the majority of transaction costs. Cryptocurrency, issued within the framework of EAEU and used only in non-cash settlements, will reduce the risks associated with national currencies, as well as threats of fraud, increasing the transparency of transactions," - Kovaleva explained.

    Creation of national cryptocurrency is discussed in different countries of the world. The first currency of such type was El Petro in Venezuela, which is tied to the cost of a barrel of local oil and serves as a tool for circumventing sanctions. The intention to create own cryptocurrency was also announced in Sweden (cryptokrone), Japan (J-Coin), United Arab Emirates (emCash), India (Laksmi), Great Britain (national currency, pound sterling), China and other countries.

    Information source: "Россия вместе со странами ЕАЭС запустит наднациональную криптовалюту «криптоалтын»”

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