Russia together with the countries of the EEU will launch a supra-national cryptocurrency, “cryptoadmin”

Russia with the countries of the Eurasian Economic Union (EAEU – Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan) intends to launch its own cryptocurrency on the territory of the Economic Union by 2020. The final name of the currency is not selected, the working version is the version of “cryptoadmin”. Write about this “Izvestia”, citing a source close to the Bank, two bankers familiar with the situation, and the President of the Russian Federation of the blockchain and cryptocurrency Yuri Pripachkin.

Pripachkin said that the total amount of the cryptocurrency in the EEU may appear even before a single monetary unit.

Analyst at Forex Club Ivan Marchena noticed that the first steps to create a common cryptocurrencies in the EEU has already been done. So, Belarus was the first among the countries legalized digital currency, and Russia is actively working in this direction.

Head of rating service of the National rating Agency Tatiana Kovaleva is the first in the Eurasian space.

“Its introduction will allow to simplify and accelerate the calculations and reduce the majority of transaction costs.” Cryptocurrency issued in the framework of the EAEU and used only in non-cash payments, will reduce the risks associated with national currencies, to reduce the risk of fraud and increase the transparency of transactions, “said Kovalev.

The establishment of a national cryptocurrency is being discussed in different countries. The first such currency was El Petro in Venezuela, which is tied to the cost of a barrel of local oil and serves as a tool to bypass sanctions. The intention to create a cryptocurrency in the United States, Japan (J-Coin), the United Arab Emirates (emCash), India (Laksmi), the UK (national currency pegged to the pound sterling), China, and other countries.

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