Russia is considering to launch EAEU cryptocurrency in response to U.S. sanctions
According to the Russia’s Ministry of Finance (MinFin), creation of the Eurasian Economic Union (EAEU)-backed digital currency is inevitable due to the United States sanctions, more of which are coming soon. According to MinFin, currencies belonging to the five members of the Eurasian Union, which are Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan, will take part in the new digital currency.
As deputy finance minister Alexei Moiseev revealed, the announced cryptocurrency project will be most likely built without blockchain platform. Instead, Russian government is considering to go down the same road European Union went before launching euro. For instance, they had European Currency Unit (ECU), which was used by the European community before it was replaced by euro (EUR) back in January 1999.
The idea of a common EAU currency unit is supported not only by the EAU members, but several other countries as well, Russian media reports. However, those countries have yet to be named. The main purpose of creation of the EAU’s own digital currency is to create a secure international payment system that’s not based on the U.S. dollar, therefore, it is anticipated that other countries under U.S. sanctions might potentially join.