The minister says that the Eurasian Economic Union needs to prepare a legal framework for regulating cryptocurrencies

June 28

​​​​​​​The Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Tatyana Valovaya called for the creation of coordinated approaches to the formation of a legal framework.

The Minister for Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Tatyana Valovaya believes that the countries of the Eurasian Economic Union (EEU) need to jointly develop legislation in the field of cryptocurrencies and blockchain. She stated it at the seminar that was held in the business incubator of the High Technologies Park of the Republic of Belarus, the official website of the EEC reports.

Tatyana Valovaya noted that «from the point of view of the future development of the EEU and ensuring macroeconomic stability it is needed now to take into account that the digital economy will be serviced by digital money and be ready for it. There is a common opinion of the representatives of our countries that it is necessary to come to a common understanding of the basic terms in the field of cryptocurrency and blockchain. In the future it will make possible to harmonize the approaches within the framework of the EEU even with the changes in the national legislation of the Member States».

The source: Eurasian Economic Commission (EEU)

The event dedicated to the problems of cryptocurrencies and blockchain in the countries of the Union is the next in the series of discussions that the EEC recently initiate to discuss actual issues of the development in the expert environment with the participation of the representatives of relevant departments. Cryptocurrencies and blockchain were regarded as regulatory challenges in the context of the macroeconomic stability of the EEU.

The seminar participants considered the possibilities of the convergence of the approaches of the member states in the issue of regulating cryptocurrencies and blockchain technology, creating the conditions for the formation of harmonized legislation within the framework of the Union and the role of the Commission in this process.

The source: Eurasian Economic Commission (EEU)

The participants of the seminar prepared the proposals for the draft of the single glossary in the field of cryptocurrencies and blockchain as well as recommendations for EEC activities in this area.

Different opinions of the EEU participants

Republic of Belarus

Today Belarus is actively developing the regulatory and legal framework for regulating the circulation of cryptocurrencies and the use of blockchain technologies, said one of the authors of the Decree of the President of the Republic of Belarus № 8 «On the Development of the Digital Economy», the member of the Council for the Development of the Digital Economy Denis Aleinikov.

«The working group on the development of еру Decree № 8 has been formed in the HTP and within its framework the experts monitor the situation in the countries that actively implement regulatory standards for cryptocurrencies. In particular we monitor the problems faced by the regulators of these states, how the consumers and investors react, what requirements apply to the information systems», − Denis Aleinikov said.

Russian Federation

The director of the Russian Association of Cryptocurrencies and Blockchain (RACIB) Arseniy Sheltsin reported on the initiatives of the Russian Federation indicating the strengths and weaknesses of the drafts of normative acts that are currently under consideration in the State Duma of the Russian Federation.

The representatives of the Russian Center − OECD RANEPA under the President of the Russian Federation Ivan Ermokhin and Maria Girich presented the results of the analysis of the international experience in regulating cryptocurrencies in the leading countries of the world, informed about the approaches of the international organizations in this field and proposed several initiatives for EEC and EEU

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