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EAEU countries need to develop digital currencies - Eurasian Development Bank

The movement towards technical compatibility of national digital currencies of the countries of the Eurasian Economic Union will help reduce dependence on the international payment infrastructure. This is stated in the report of the Eurasian Development Bank «Economic Cooperation in Eurasia: Practical Solutions.»

The document notes that cross-border payments in digital currencies could be faster, cheaper and more secure than traditional correspondent banking systems and become an alternative to SWIFT. The use of the CBDC system will help reduce dependence on the international payment infrastructure and expand opportunities for the further development of trade.

«Therefore, the EAEU countries need to develop digital currencies in a coordinated and consistent manner,» the EDB believes.