Experts propose introducing electronic currency for transition to Union State single currency
<p> MINSK, Jul 29 - PrimePress. Experts suggest introducing electronic currency for transition to the single currency of the Union State or the Eurasian Economic Union (EEC - Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia). The proposal is contained in the analytical report “Union State of Belarus and Russia: Results for Citizens and Prospects,” prepared by a joint working group of experts from Belarus and Russia under the auspices of the Gromyko Association for Foreign Policy Studies. </p> <p> </p> <p> To restore the industrial potential and prevent financial destabilization in the Union State, experts recommend strengthening state control over the financial sector and launching an intra-Eurasian investment cycle. </p> <p> </p> <p> Among their recommendations is to develop common approaches to digital financial communications and cryptocurrencies. It is proposed to create a unified legislative framework for cryptocurrency regulation to prevent competing virtual cryptocurrency projects within the Union State and the EEU. </p> <p> </p> <p> They also suggest accelerating the connection of Belarusian organizations to the financial messaging system (FMS - a SWIFT analogue) and expanding the use of the system in settlements between banks. </p> <p> </p> <p> In addition, they recommend creating rating and other agencies together with the EEU, BRICS (Brazil, Russia, India, China, South Africa) and the Shanghai Cooperation Organization (SCO) partners and agreeing on a common supranational digital currency and cryptocurrency. </p> <p> </p> <p> Experts estimate that cooperation with Russia accounts for more than 50% of Belarus’ GDP. </p> <p> </p> <p> Investments from Russia in the real sector of the Belarusian economy (excluding banks) amounted to $3.5bn in 2020 (41% of total investments in the country). Investments from Belarus into Russia amounted to $3.2 bn (66% of total investments). At the same time, 25% of the assets of the Belarusian banking sector are supported by Russian capital. </p> <p> </p> <p> According to the Ministry of Finance of Belarus, in 2021, Russia accounts for 57% of Belarus’ foreign debt ($10.7 billion), China - 17% ($3.2 billion), Western creditors - 15% ($2.9 billion). </p> <p> </p> <p> Experts note that in the crisis year of 2020, Russia’s credit support has helped Belarus sustain social and economic stability amid a decline in revenues from major creditors. In 2020, external public loans amounted to $3.1 billion ($1.6 billion in 2019), including $1.4 billion from bond issues in external financial markets. Lenders to Belarus were the Russian government, Russian banks and the Eurasian Fund for Stabilisation and Development (EFSD) - $1.5bn (in 2019 - $0.7bn), the Export-Import Bank of China - $0.1bn (in 2019 - $0.6bn), European banks - $0.1bn. End </p>
2021-07-30
Primepress
Experts propose introducing electronic currency for transition to Union State single currency
MINSK, Jul 29 - PrimePress. Experts suggest introducing electronic currency for transition to the single currency of the Union State or the Eurasian Economic Union (EEC - Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia). The proposal is contained in the analytical report “Union State of Belarus and Russia: Results for Citizens and Prospects,” prepared by a joint working group of experts from Belarus and Russia under the auspices of the Gromyko Association for Foreign Policy Studies.
To restore the industrial potential and prevent financial destabilization in the Union State, experts recommend strengthening state control over the financial sector and launching an intra-Eurasian investment cycle.
Among their recommendations is to develop common approaches to digital financial communications and cryptocurrencies. It is proposed to create a unified legislative framework for cryptocurrency regulation to prevent competing virtual cryptocurrency projects within the Union State and the EEU.
They also suggest accelerating the connection of Belarusian organizations to the financial messaging system (FMS - a SWIFT analogue) and expanding the use of the system in settlements between banks.
In addition, they recommend creating rating and other agencies together with the EEU, BRICS (Brazil, Russia, India, China, South Africa) and the Shanghai Cooperation Organization (SCO) partners and agreeing on a common supranational digital currency and cryptocurrency.
Experts estimate that cooperation with Russia accounts for more than 50% of Belarus’ GDP.
Investments from Russia in the real sector of the Belarusian economy (excluding banks) amounted to $3.5bn in 2020 (41% of total investments in the country). Investments from Belarus into Russia amounted to $3.2 bn (66% of total investments). At the same time, 25% of the assets of the Belarusian banking sector are supported by Russian capital.
According to the Ministry of Finance of Belarus, in 2021, Russia accounts for 57% of Belarus’ foreign debt ($10.7 billion), China - 17% ($3.2 billion), Western creditors - 15% ($2.9 billion).
Experts note that in the crisis year of 2020, Russia’s credit support has helped Belarus sustain social and economic stability amid a decline in revenues from major creditors. In 2020, external public loans amounted to $3.1 billion ($1.6 billion in 2019), including $1.4 billion from bond issues in external financial markets. Lenders to Belarus were the Russian government, Russian banks and the Eurasian Fund for Stabilisation and Development (EFSD) - $1.5bn (in 2019 - $0.7bn), the Export-Import Bank of China - $0.1bn (in 2019 - $0.6bn), European banks - $0.1bn. End