After reports of the Eurasian Economic Commission’s potential plan to deploy crypto regulations in the Eurasian region came out, the prices of Bitcoin and other major cryptocurrencies saw a decline this Tuesday morning in Asia.
TASS, the Russian news agency, has reported that the Eurasian Union is planning to regulate the use of cryptocurrencies in the region by way of defining digital assets and studying their regulations across different countries.
The political and economic union of the Eurasian Economic Commission was established in 2014 by the countries of Armenia, Kyrgyzstan, Russian, Belarus, and Kazakhstan.
The primary motive of the EAEU is to establish robust financial markets in the region of the northern and central Eurasia by the year 2025.
As per reports, the Minister for Integration and Macroeconomics at the Eurasian Economic Commission, Tatyana Valovaya, has said that formulation of a legal framework for the regulation of cryptocurrencies in the region is seen as an absolute necessity.
The erstwhile Soviet Bloc region has been a frontrunner in embracing the nascent crypto market. The Ministry of Finance in Russia is mulling the development of an EAEU-backed digital currency in an effort to circumvent the sanctions imposed upon by Russia by the United States.
Not only that, the Belarusbank, the largest bank in Belarus, has said that it might set up its own digital currency exchange.
The news of Eurasian Union’s potential deployment of crypto regulations has not been met with much enthusiasm from the crypto community as the news led to the prices of most digital currencies touching red.
At the time of writing this news, Bitcoin was trading at the price of USD 3,442 down 1.97%, while Ethereum was down -4.25% to trade at the price of USD 104.44.
Ripple was trading at USD 0.289255, down 3.42%. The seventh largest cryptocurrency, Litecoin was trading at USD 30.47 in the red.
With prices of major cryptos tumbling down, the market has been in a bit of a turmoil. The total market cap has tumbled down to 111.68 billion as compared to the USD 120.15 billion last Friday.