Thursday, December 28, 2017

Russia looking at the creation of a joint cryptocurrency for use between BRICS and EEU nations

Move over Europe because they may soon no longer be the only coalition of nations to have a joint currency.

This is because on Dec. 28 an official from Russia's central bank is suggesting the creation of a joint cryptocurrency to be used between members of the BRICS nations, as well as members of the Eurasian Economic Union.

An initiative to create a joint digital currency for BRICS countries and the Eurasian Economic Union (EEU) has been proposed by the Central Bank of Russia, according to its First Deputy Governor Olga Skorobogatova. 
She said the issue of a common cryptocurrency for a number of countries is very promising, more than that for a single nation. 
“The participants of different economic events where I usually take part… all come to the conclusion the issue of a virtual currency is not needed much by one country. First of all, it makes sense to discuss the cryptocurrency on the level of several countries such as BRICS and EEU. It makes sense to set one equivalent for all payments,”Skorobogatova said at a Russian finance ministry meeting. 
While no concrete decisions have been made yet, said the official, discussions are planned for 2018 by both BRICS and EEU members. – Russia Today

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