The Eurasian Economic Commission (EEC) organized an international scientific and practical conference in Moscow focused on the potential uses of cryptocurrencies and blockchain technology.

Titled, “Problem aspects of cooperation in the field of distributed ledger technology; Prospects for the Regional Financial Integration of the EAEU [Eurasian Economic Union],” the conference was attended by representatives of the scientific community, the banking sector, professional associations, and development institutions.

The conference was organized by the EEC in collaboration with the Interstate Bank and the Financial University under the Government of the Russian Federation.

"Financial technologies are developing very quickly, and our task is to keep up with these processes, and timely respond to them,” Director of the Department of Macroeconomic Policy of the EEC Tota Kaliaskarova said in opening remarks (loosely translated). “From the point of view of macroeconomics, the appearance and use of crypto-currencies will affect the monetary conditions in our countries and the macroeconomic stability of the whole EAEU. Member states are considering the use of crypto currency and the introduction of blocking technologies as a new factor in the development of the economy and an opportunity for deepening integration within the Union.”

The conference featured discussions on international approaches to regulating cryptocurrencies and distributed ledger technologies, establishing legal framework for the use of cryptocurrencies in the EEA countries, the impact of digitization on the functioning of the monetary union of the EU, and the Bank of Russia’s blockchain initiatives, among others.

The experts agreed on the need for the formation of coordinated approaches of the member states in the sphere of the use of cryptocurrencies and blockchain technologies, and expressed their readiness to join forces with EEC in this initiative.