St Petersburg University experts to take part in the development of the concept of a single payment space for the Eurasian Economic Union
Employees of the Distributed Ledger Technologies Centre at St Petersburg University have presented their developments at a meeting of the Eurasian Economic Commission. During the meeting the experts discussed the creation of a single payment infrastructure for the member countries of the Eurasian Economic Union (EAEU). Such an order was given by Russian President Vladimir Putin during the last EAEU summit.
The event was attended by: Viktor Dostov, Director for Research and Chief Specialist of the Distributed Ledger Technologies Centre at St Petersburg University; and Alma Obaeva. They told the members of the Commission about different models of using distributed ledgers, and also discussed with experts the technological and legal aspects of these models. Following the meeting, the participants agreed to prepare proposals for the concept for the development of the single payment space for the EAEU.
The Centre will present to the working group a concept of the possible use of distributed ledger technologies to create a single payment space on the territory of the EAEU.
Viktor Dostov, Director for Research and Chief Specialist of the Distributed Ledger Technologies Centre at St Petersburg University
The Eurasian Economic Union is an international organisation for regional economic integration with an international legal personality. It was established by the Treaty on the Eurasian Economic Union and signed by the heads of Belarus, Kazakhstan and Russia in Astana on 29 May 2014. The Eurasian Economic Commission is the permanent regulatory body of the Union.
The Distributed Ledger Technologies Centre at St Petersburg University was established in 2018. Its goal is to develop distributed ledger technologies in various sectors of the economy, as well as to prepare academic programmes for training specialists in this area. The Centre's experts deal with the implementation of blockchain technologies in various companies, work with cryptographic methods of protecting information, and take part in solving legal issues and developing standards in this area.
The experience of the Centre's experts will help in solving the challenges that the Eurasian Economic Union faces today, including the development of the single payment space. As Vladimir Putin emphasised during the last EAEU summit, the single payment infrastructure based on cutting-edge financial technologies will increase the stability of national payment systems, and make them less dependent on foreign currency.