An official of the Russian Treasury Department said it is inevitable to issue digital currency through the Eurasian Economic Union (EAEU) in order to avoid US economic sanctions. According to the report, there will be a chance of issuing its own currency by 2020-2021.
According to Russian Deputy Finance Minister Alexei Moisef, the digital currency project will not use block-chain technology. It will be developed in the same way as the European currency unit ECU, which is the predecessor of the euro. He said he had heard about new economic sanctions for development reasons and said he needed action to create an international payment system that is not based on dollars.
EAEU, which was formed in 2014, is comprised of Belarus, Belarus, Kazakhstan, Armenia and Kyrgyzstan. For more information, please click here .