EAEU unlikely to find common ground on crypto regulation, official says

Eurasian Economic Union (EEU) member states are trying to find a common position on the regulation of cryptocurrencies, the official said.

Iya Malkina, vice president of the Eurasian Economic Commission, said EMU member states do not support the recent initiative to create a common regulatory framework for cryptocurrencies within the union.

At a press briefing on Wednesday, Malkina said the Eurasian Economic Commission has received several proposals to synchronize regulations in the blockchain and cryptocurrency industries. The UNECE also recommended the development of a common basic legal framework within the EEA, including a common glossary and common principles. However, the proposal did not find support, the official said.

Malkina said that since December 2017, the EEC has been actively analyzing the impact of cryptocurrencies on the macroeconomic stability of Eurasian Economic Community member states.

EurAsEC is an economic union of the states of Eastern Europe, Western and Central Asia, whose members include Belarus, Russia, Kazakhstan, Armenia and others. The Union was created in 2014 to promote the free movement of goods and services and a common macroeconomic policy.

As Cointelegraph previously reported, the EAEA is looking to move cryptocurrency regulation forward by releasing its first report on regulatory issues related to cryptocurrencies in 2019. Earlier, Russia’s finance ministry urged the EAEU to launch its own digital currency to circumvent US sanctions.

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