The Eurasian Economic Union (EEU) is now ready to develop its sown settlement currency to serve the whole region. The said currency may be driven by a blockchain based technology. This was revealed by the chairman of the Eurasian Development Bank (EDB), Andrei Belyaninov. He reported this at a recent Eurasian Media Congress held in Almaty, Kazakhstan.

Eurasian Economic Union’s potential

Eurasian Economic Union has the potential to do so following the recent sanctions imposed against Russia. The sanctions were issued by the Trump Administration in the U.S.

Belyaninov explained, “The sanctions appeared to be instrumental in our efforts to consolidate internal resources, create a single economic space, form infrastructures within this space and develop them.”

The chairman stated that the EDB is working hard across the EEU region. Although the bank has ambitious plans, they are being hindered by the negative vibe around the region’s economic markets. Belyaninov stated that the region is in a position to develop a regional settlement currency. Even though many expect it to be in form of a ruble, they are also considering a blockchain driven currency..

Cryptocurrency adopted in the Eurasian region

Cryptocurrency is not a new phenomenon in the greater Eurasian region. A study conducted last year by the University of Cambridge, ranked Georgia second in the mining of cryptos. The Eurasian nation has taken advantage of the minimal cryptocurrency regulations. Moreover, the country’s hydropower provides cheap electricity thereby attracting more activity in digital currency mining.

Most of Georgia’s crypto mining is attributed to the U.S tech firm, Bitfury. It has established a data center close to the capital city Tbilisi.

Meanwhile, it was reported in May that members of the Eurasian Financial Union were holding talks regarding the blockchain. The five countries were deliberating on how to utilize blockchain and crypto to enhance their economies.