Prospects for the Creation of Legal Regulation Circulation of Digital Rights and Cryptocurrencies in the EAEU

The Treaty on the Eurasian Economic Union, signed on 29 May 2014, sets out (along with a number of other programmes and concepts of the EAEU) the aim of improving payments and settlements between member states based on expanding the use of national currencies in mutual settlements. One document – the Concept for the Formation of a Common Financial Market – sets out the position that the development of a common payment space shall be based on principles of national security, independence, and equality of national payment systems. At the same time, restrictions imposed by third countries have a direct impact on the timing and cost of transnational payments. It is therefore important to ensure uninterrupted and seamless payments, both between EAEU nations in their mutual trade, and with third countries which are either key trading partners, or which have the potential to become so. This can be accomplished by employing promising financial technologies. These include digital currencies offered by central banks, smart contracts, a special accounting unit, multilateral clearing, and so on. Interstate Eurasian development institutions could play a key role in this regard. The use of new technological platforms could help establish systems which far outstrip traditional ones and ensure rapid settlements, confidentiality, and reduced costs. At the same time, the explosive growth of innovation in the financial sector could bring with it increased cyber threats, technological vulnerability, and financial instability. In a world where developed countries are experiencing stagnation, the ability to boost trade between nations with emerging markets could prove to offer a new source of economic growth. An expansion of this kind requires the establishment of independent institutions and tools – including in relation to payment and settlement – that meet the needs of developing economies and which are tailored to them.