The members of the Eurasian Economic Union (EAEU), have been discussing about blockchain technology and virtual currencies. The main purpose was to have a meeting to discuss about possible uses of blockchain technology and cryptocurrencies in the economy.

Eurasian Economic Union Discussion About Blockchain and Bitcoin

According to a document released by the Eurasian Economic Union, the five member states of the EAEU met in order to have a better understanding of Blockchain and virtual currencies.

The meeting took place in Moscow on April the 25th and technical teams from each country (Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia) talked about the possibilities to integrate digital assets and distributed ledger technology to their economies.

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Tota Kaliaskarova, Director of the Department of Macroeconomic Policy of the Eurasian Economic Commission, said:

“This is a new phenomenon. Financial technologies are developing very quickly, and our task is to keep up with these processes, and respond to them on time.”

Ms. Kaliaskarova has also been talking about the different activities of the Commission in the field of virtual currencies and blockchain technologies. During this year, the EAEU will be hosting other important events to further discuss these topics.

During the meeting, experts agreed on establishing coordinated approaches towards these new technologies.

It is important to mark that Belarus and Russia have taken a completely different approach towards cryptocurrencies than Kazakhstan or Kyrgyzstan. For example, Belarus is one of the most open countries towards cryptocurrencies and has created a clear legislation around them. At the same time, Russia has been developing its own virtual currency known as the CryptoRuble that could be used in the future for trading activities between the EAEU members.