Eurasian Economic Union Minister: CBDCs Will Pave the Way for the Launch of a Digital Reserve Currency

Sergei Glazyev, curate of integration and macroeconomics of the Eurasian Economic Union (EEU), has noted the advancements the adoption of cardinal slope integer currencies (CBDCs) could ostensibly bring to the trading dynamics of the region. According to Glazyev, the motorboat of respective integer currencies volition let countries to settee trades extracurricular of the U.S. dollar arsenic aboriginal arsenic adjacent year, starring to the emergence of a caller reserve currency.

Eurasian Economic Union Hopes to Move to CBDC Settlements

The Eurasian Economic Union (EEU) expects that the emergence of respective cardinal slope integer currencies (CBDCs) volition pave the mode for the issuance of a caller reserve currency antithetic from the U.S. dollar. Sergei Glazyev, curate of integration and macroeconomics of the Eurasian Economic Union, talked astir the aboriginal benefits these digital, blockchain-based technologies mightiness bring to the trading processes betwixt countries of the EEU and adjacent BRICS countries.

In statements fixed to Sputnik connected Tuesday, Glazyev stated:

I judge that the improvement of integer technologies and the already announced plans for the instauration of the integer ruble, the integer yuan and the integer rupee volition pb us, possibly arsenic aboriginal arsenic adjacent year, to determination archetypal to integer colony successful nationalist currencies.

The EEU consists of respective post-Soviet Union states, including Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia, having a gross home merchandise of $2.4 trillion.

An Easier Route to Trade: The Road to a New Digital Reserve Currency

The curate besides emphasized the benefits of changing the colony methods from the existent bequest strategy that uses banks to a blockchain-based outgo method.

Glazyev stressed:

This is overmuch easier than going done banks. There are nary endless restrictions and regulatory fears of sanctions. Digital currencies let trading operations to bypass banks.

Since the commencement of the Russia-Ukraine conflict, the Russian Federation has been the people of a stringent acceptable of sanctions that made it alteration its commercialized relations to absorption connected trading with affable countries.

Nonetheless, adjacent companies of these affable countries making trades with Russia tin beryllium affected by sanctions targeting their usage of U.S.-based fiat systems, with U.S. officials comparing specified actions to “playing roulette.”

Glazyev trusts that launching these integer currencies and gathering of a colony strategy harnessing them volition service arsenic the basal of a caller integer currency, to substitute the reserve currencies projected by the International Monetary Fund (IMF), based connected an planetary agreement.

What bash you deliberation astir the hypothetical emergence of a caller integer reserve currency antithetic from the U.S. dollar? Tell america successful the comments conception below.