Russia and its European and Central Asian ally states are expecting to see new crypto regulations. Tass- a Russian News Agency reported that the political and economic union that comprises of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan- EEU (the Eurasian Economic Union), is going to create a union-wide crypto regulation for the blockchain based and crypto-based companies.
About the new crypto regulations :
By 2025 the Eurasian Economic Union is aiming to create a common financial market. It is aiming to follow the footsteps of European Union ‘EU.’ The EEU’s current Integration and Macroeconomics Minister Tatyana Valovaya said that the ‘barriers and possible loopholes’- should be removed in order to create an area wise regulatory policy; as per the reports obtained from cryptonews.com. It seems that Valovaya is in favor of first taking a cue from the regulatory policies that have been successfully used in other parts of the world, and then establishing the new crypto regulations in their light. He thinks that it will not be wise of EEU to ignore the growing cryptocurrency and the blockchain based sectors while forming the economic policies at hand.
EEU and the five nations :
By far it has been seen that the five nations have a very different take on the crypto related policies. For instance-
Belarus wants itself to a position as one of the most liberal nations worldwide. In that light, it has made cryptocurrencies legal within the country, allowed ICO- Initial Coin Offerings, and permitted smart contracts too.
Originally Russia was iffy about the digital currency and the related industries. Last year the Russian Economic Minister- ‘Maksim Oreshkin’, in an interview with the Russian information agency RBK said-
“When Bitcoin price jumped up to 20,000 dollars, and now it is lower than 4,000 dollars, we said very simple things: Bitcoin itself is a soap bubble, it deflated, that is what has happened.”
But lately, the country has started to change its stance for the blockchain based industry. As per the reports from cryptonews.com, Russia is in full gear to ‘introduce twenty blockchain related bills this spring.’ The country is also thinking to permit businesses to have crypto- pay transaction pilots in some areas.
In December last year, the country was in news due to its encouragement for a Russian market place called Mentalmarket. At Mental Market you can use a range of digital coins such as Bitcoin core (BTC), Bitcoin cash (BCH). Ether (ETH). Litecoin (LTC), Zcash (ZEC), Ripple (XRP) and Dash. You can find a list of current prices in U.S. Dollars against each cryptocurrency exchange rate. Here one can buy mining hardware, to the digital currencies, to the real estate, to Bitcoin ATM Devices, to purchasing of property in Russia, and so much more.
The country also seems to be interested in developing a digital fiat in a coming couple of years, a project for which Russia hopes to get the support of the five EEU countries.
Armenia and Kyrgyzstan :
High interests in the cryptocurrency have been seen in these two countries. Armenia is trying to get the attention of the international miners. Whereas Kyrgyzstan is working on building its own ‘state-issued cryptocurrency.’
Kazakhstan has a different story to tell. Last year, the country’s National Bank announced that the cryptocurrencies will not be permitted to function as a means of any kind of payment. Still, this could not hold back the country’s interest in the crypto industry, as one can conclude from the large scale crypto and blockchain based industries in Kazakhstan. For instance, the Astana International Financial Center (Kazakhstan’s FinTech park) has made quite a big impression on CIS.