Market participants discuss the creation of a supranational cryptocurrency BRICS

Before the Bank of Russia the question of the introduction of a supranational digital currencies within the BRICS or the Eurasian economic Union (EEU) is debatable, experts say. According to them, the situation is ambiguous: on the one hand, such a digital currency would be less vulnerable to a possible devaluation and will promising, but it may repeat the history of the ECU ( the monetary unit used in the European monetary system of the EEC and the EU in the years 1979-1998) and SDR (special drawing rights issued by the IMF).

The Central Bank will begin to discuss this issue in 2018, with colleagues from the Eurasian economic Union and BRICS, the regulator is still «in the very beginning of the negotiations on this subject».

According to the President of the Russian Association of cryptocurrency and blockchain (RAKIB) Yuri Pripachkin, the initiative to create a supranational cryptocurrencies actual and prospective – it will give a new impetus to the economies of the BRICS and the EEU.

«We know that the EEU countries have already moved from discussion to the use of possible practices. The technology of the blockchain in the financial sector theoretically can even replace the SWIFT between countries, economic associations,» he said.

Deputy Director of the analytical Department of «Alpari» Natalia Milchakova also believes that the introduction of a supranational digital currencies and in the framework of the EEU and BRICS.

«The fact that the BRICS and the EEU is becoming increasingly relevant in the rejection of the dollar and the Euro in international settlements. So, China already has the calculations for export and import operations with a number of countries in yuan, including in China intend to buy Russian gas in yuan. Russia and Belarus have long calculated by an in rubles. With many other countries of the EEU, Russia still trades in dollars and euros, which is not normal in terms of the single Eurasian economic space. But the ruble and other currencies of the countries of the EEU are not immune from devaluation and other shocks. And here can come the technology of the blockchain and crypto-currencies», – the expert believes.

Milchakova offers to call a single Eurasian crypto-currency for the countries of the Eurasian economic Union, «Altyn» and use it for payments between the countries of the Union. The BRICS group already has its own Bank for reconstruction and development (the substitute of the world Bank and EBRD) and its own payment system (substitute SWIFT), she said.

«Why not be a supra-national cryptocurrency? If this idea will support China and India, supra-national digital currency, the BRICS it will become a reality, and in the long term this will undermine the dollar,» she said.

However, the Director of investments in the investment Fund CryptoLife Mansour Huseynov considers the introduction of a supranational digital currencies within the BRICS and the EEU is futile, because States want to control monetary policy.

«Supranational currency have been – ECU or SDR. Such currencies don’t get real distribution and not included in the turnover because the state does not want to lose control over monetary policy. The Euro became the working currency after the EU refused from their national currencies. Cryptocurrency in this case is no exception,» he said.

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