According to the official, the member states of the Eurasian Economic Union or EAEU are struggling to reach a common position on the regulation of cryptocurrency.

Iya Malkina, Assistant Chair of the Eurasian Economic Commission, said that EAEU member countries did not support the recent initiative to create a unified regulatory framework for cryptocurrencies in the Union.

At a briefing on Wednesday, Malkina explained that the Eurasian Economic Commission has received several proposals to synchronize rules in the blockchain and cryptoindustry. The EEC also recommended the development of a uniform basic regulatory framework within the Eurasian Economic Union with a uniform glossary and principles. “But this proposal did not receive support,” the official said.

Malkina said that the EEC has been analyzing the impact of cryptocurrencies on the macroeconomic stability of the EAEU countries since December 2017.

The EAEU is an economic federation of countries located in Eastern Europe, Western and Central Asia, which includes in particular Belarus, Russia, Kazakhstan, Armenia. The federation was formed in 2014 to facilitate the free movement of goods and services, as well as to ensure general macroeconomic policy.

As Cointelegraph previously reported, the EAEU is looking for an approach to promoting cryptocurrency regulation and has published its first report on issues related to cryptocurrency regulation in 2019. Earlier, the Russian Ministry of Finance urged the EAEU to launch its own system. Digital currency to circumvent US sanctions.

Source: CoinTelegraph