Eurasian Economic Union (EAEU) Backed Virtual Currency Inevitable Says Russian Minister

A major Russian media outlet has reported that their Finance minister thinks Eurasian Economic Union (EAEU) backed crypto is inevitable due to the United States sanctions.

Deputy Finance Minister Alexei Moiseyev told the reporters:

“You see, since we have five members in the EAEU, respectively, negotiations with them will occupy the whole of 2019, and, probably, commissioning in 2020-2021.”

This idea is not new. Similar currency was developed in 1979 called European Currency Unit (ECU). It was a basket of the currencies of the European Community member states, used as the unit of account of the European Community before being replaced by the euro on 1 January 1999, at parity. The ECU itself replaced the European Unit of Account, also at parity, on 13 March 1979.

The European Exchange Rate Mechanism attempted to minimize fluctuations between member state currencies and the ECU. The ECU was also used in some international financial transactions, where its advantage was that securities denominated in ECUs provided investors with the opportunity for foreign diversification without reliance on the currency of a single country. It was later replaced by Euro.

“This is a good idea, we will develop it. It is supported by many parties and some countries. We must move in this direction. Inevitably, we must move in this direction, because the difficulties in calculations are increasing. The number of organizations that are under sanctions is also growing. We hear promises that now still (there will be sanctions – RNS comment). Accordingly, we must respond to this by creating reliable international payment systems that are not tied to the US dollar,”

Moiseyev concluded.

Just last month Russia’s State Duma Committee on Financial Markets announced plans to launch a stablecoin based on Russian currency.

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