EAEU might adopt Silk way unit of account - media

So far, the main apologist for the idea is Kazakhstan, where they propose to go even further and use blockchain while creating a new currency. It has been noted that the issue had not yet been discussed with the EAEU member states. However, it was admitted that the introduction of a single unit of account could facilitate currency risks management and reduce transaction costs in mutual settlements.

There is now an extensive experience in the world in using units of account both in regional integration associations and on a larger global scale. The most known are XDR (International Monetary Fund Special drawing rights), European ECU, and the transferable ruble (the currency of the Council for Mutual Economic Assistance). Today settlements between the EAEU states and Russia are conducted in rubles, but US dollar is still used between other members. The EDB hopes that a new unit of account could fix this.

"There is a number of tools that we offer for discussion to monetary regulators, mainly for the long term. A regional unit of account, for example. We're not talking about a single currency, but an instrument that facilitates mutual settlements," said Evgeny Vinokurov.

He noted that so far there are a lot of issues from the financial market point of view related to the functioning of the new unit of account - this is both emission and control of money turnover.

"We are starting to think about this, as long as there are a lot of forks here," he added.

It could be a "Silk Way unit of account", the expert said, noting that it is needed primarily for servicing trade flows.

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