Russian Prime Minister Dimitry Medvedev sees promise in bringing regulation in cryptocurrency across all countries in Eurasian Economic Union (EAEU). Regulating cryptocurrency in one of the few countries is only an untoward hindrance.
At a conference entitled “Digital Agenda in the Age of Globalization”, held today in Almaty, Kazakhstan, Medvedev spoke about the need for regulation on an international scale, specifically in regards to the EAEU, which is made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. He said,
“It’s impossible to introduce these principles [regulating cryptocurrencies] in one country, our approach should be closer to the level of the Union.”
In December 2017, President Putin has suggested for adoption a multinational cryptocurrency across EAEU and BRICS, so that the Blockchain and small contracts can be used in this emerging market.
Although, PM Medvedev limited his words only till EAEU but repeated his idea for multinational cryptocurrency regulation for payment services, and stated,
“In any case, we shouldn’t be limited to only national models. My colleagues said here that cryptocurrencies can be used for payment. Let’s approach this carefully, because our economies are so strongly and closely linked.”
Though Medvedev has been skeptical about cryptocurrency bubble and said that it will burst, still he believes in Blockchain technology. For this, he has called a meeting in March consisting of Ministry of Communications and Minister of Economic Growth to begin research for further application.