Opinions & Interviews

MINSK, 12 February (BelTA) – Belarus’ revolutionary step in digital technology should be studied in the Eurasian Economic Union, Tatyana Valovaya, Member of the Board (Minister) for Integration and Macroeconomics of the Eurasian Economic Commission (EEC), noted at the international seminar on blockchain, cryptocurrencies, and their channels on influence on the macroeconomic policy in Eurasia in Moscow on 12 February, BelTA has learned.

“Belarus has made a revolutionary step towards digital economy,” Tatyana Valovaya underlined referring to the Belarus president’s digital economy development ordinance. “In this regard, we need to discuss or probably do something together and share experience with each other,” the EEC minister said.

According to Tatyana Valovaya, the EAEU has to promptly respond to the threats posed by the global economy. We do understand that an integration association should be responsive to changes in the global economy to be effective. In this regard, the phenomenon of digital economy and all related factors are essential for us,” she remarked.

In her words, digital agenda is among the top priorities of the union. “Digitalization is basically the horizontal change of traditional economic models. For us, blockchain and cryptocurrency have a broad definition,” Tatyana Valovaya added.

The participants of the seminar discussed the essence, advantages, and disadvantages of blockchain technology, examples of its successful implementation and ways to use it to develop the Eurasian integration process. They also touched upon the legal regulation of blockchain and cryptocurrencies, national and international practices, and the impact of blockchain and cryptocurrencies on traditional principles of exchange relationships and macroeconomic stability. Organized by the EEC, the seminar has brought together representatives of the EAEU national financial regulators, banking, scientific community, and experts.