INTERNATIONAL LEGAL REGULATION OF CURRENCY IN THE FRAMEWORK OF EURASIAN INTEGRATION (on the issue of the single currency)

Authors

  • Daniyar Maratovich Sarsembayev

DOI:

https://doi.org/10.52026/2788-5291_2021_64_1_294

Keywords:

credit policy, money, integration, integration law, issuance, currency policy, cryptocurrency, conversion

Abstract

This article says that before the formation of the Eurasian Economic Union, there were attempts to initiate the introduction of a single currency. The Republic of Kazakhstan, as one of the post-Soviet states, has actively participated in the issues of currency regulation both within the country and in organizations and associations of an integration nature. In the historical perspective the author of the article shows the attempts of the post-Soviet states to create a single currency to ensure mutual settlements among themselves in the process of mutual trade relations. The same issue was raised in the Eurasian Economic Union (EAEU). Therefore, in the article the proposal to introduce a supranational currency into the financial turnover of the Eurasian integration association was made. The EAEU member states have different opinions on what a common supranational currency should look like. Kazakhstan believes that the common currency for the EАEU or SCO space should be a common currency for all, similar to the euro. Russia believes that the common currency of the Eurasian integration should be the currency of one of the member states of the integration, in particular, the Russian ruble. From the point of view of the technological solution of this issue, it seems to us more appropriate to introduce and use electronic money, the latest technology of cryptocurrencies. Such an application involves the decentralization of the issuance of foreign currency and preventive transparency. Such transparency will ensure the emission discipline in the relations of the participating States and the reasonable agreement on the quantitative limitations of such emissions. Thanks to the introduction of the cryptocurrency system, each participating state will always be aware of the total volume of all electronic money that is in circulation, it will always know the issue of the corresponding amount of money by each participating state in quantitative terms. In addition, such a system will have a limit on the issue of money by issuers, which will guarantee the inadmissibility of arbitrary and excessive issuance of banknotes.

Published

30.03.2021

How to Cite

Sarsembayev Д. М. (2021). INTERNATIONAL LEGAL REGULATION OF CURRENCY IN THE FRAMEWORK OF EURASIAN INTEGRATION (on the issue of the single currency). Scientific and Legal Journal «Bulletin of the Institute of Legislation and Legal Information of the Republic of Kazakhstan», 1(64). https://doi.org/10.52026/2788-5291_2021_64_1_294