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Tatyana Valovaya: “EAEU needs to develop coordinated approach on cryptocurrencies and blockchain”

Tatyana Valovaya: “EAEU needs to develop coordinated approach on cryptocurrencies and blockchain”

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3/30/2018

This was stated by the Member of the Board – Minister in charge of Integration and Macroeconomics of the Eurasian Economic Commission (EEC) Tatyana Valovaya at the Panel Session “Cryptocurrencies: their place in the currency system and their effect on the economy of the EAEU countries”, where she acted as a Moderator.

The event was held on March 28 within the framework of the Congress “BLOCKCHAINRF-2018” and continued a series of discussions on cryptocurrency and blockchain technology in the Eurasian Economic Union (EAEU). The discussion was attended by the representatives of businesses and national associations of cryptocurrencies and blockchain. Opening the discussion, Tatyana Valovaya noted the importance of the cryptocurrency phenomenon and blockchain technology for realizing the EAEU integration potential: “Within the Union, there is a Program of economic integration until 2025, but the world is changing so quickly that, in addition to this mandatory program, it is required to respond to new global challenges facing the world in quick time and manner. The emergence of such a phenomenon as cryptocurrencies is undoubtedly a challenge, including from the point of view of macroeconomic policy, which requires developing coordinated approaches within the Union”.

Speakers announced a number of conceptual proposals, including initiatives to form the supranational architecture of cryptocurrency as well as to create a Eurasian Center of Excellence in the sphere of blockchain. The EEC Minister noted that the current level of economic integration has no need for a single supranational cryptocurrency, but it does not mean that there is no need for the development of single approaches to these instruments. “We should understand what is happening in the world, and actively respond to the situation. The response of the EAEU countries to the phenomenon of cryptocurrencies and blockchain technology should be systematic and consistent”.

One of the important aspects touched upon by the speakers was the place of cryptocurrencies within the currency system. Through the lens of macroeconomics, cryptocurrencies change approaches to money and credit in circulation and, accordingly, can have an impact on macroeconomic sustainability and stability. In this respect, one shall understand the latest global trends in this sphere in order to form one’s own active positions on the issue.

The attendees discussed the experience of Belarus, which today is the leader within the EAEU in regulatory and institutional support for the development of blockchain technology and cryptocurrencies. The representatives of Armenia and Kazakhstan, in turn, spoke about the progressive development of blockchain technology in their countries, noting the reserved attitude of national regulators to the issue of cryptocurrencies. Therefore, the experience of other EAEU countries in the field of cryptocurrency regulation is of great interest for them.

For reference

The “BLOCKCHAINRF-2018” Congress is an industry Congress of the developers and users of blockchain technology and based-on products.

The event, organized by the Russian Association of Cryptocurrencies and Blockchain (RACIB), was attended by key figures and leading experts of the digital economy – representatives of regulatory authorities, deputies, practitioners, economists, financiers, developers, lawyers, and investors.

The Congress included a plenary discussion, an exhibition and panel sessions on the most relevant issues. During the event, the speakers discussed the development of the digital economy in Russia, technological platforms, approaches to the legislative regulation of the industry, growth opportunities and crypto investment behavior, cryptocurrency mining, blockchain in the system of public administration and commercial sector, the use of private money for the development of businesses and territories.

On March 28, Decree No. 8 came into force in the Republic of Belarus, which enshrines the rights of residents of the Hi-Tech Park of the Republic of Belarus in 36 activities in the field of technologies, four of which are devoted to blockchain-based technologies, including the activities of cryptocurrency exchange and ICO operators.