The Eurasian Economic Commission, which serves as an executive body of the Eurasian Economic Union (EAEU), has prepared a report on cryptocurrencies to promote regulation in the area. Russian news agency TASS reports on the development on Monday, Jan. 28.

The Commission's minister for integration and macroeconomics, Tatyana Valovaya, said that EAEU — a political and economic union established by Russia, Armenia, Belarus, Kazakhstan and Kyrgyzstan in 2014 — aims to create a consolidated financial market by 2025. As the cryptocurrency and blockchain industries are becoming more robust, the EAEU has to study them, she continued.

The commission has formed a working group of experts from all of the member countries, TASS reports. Their report focuses on the definition of cryptocurrencies, as well as examples of regulation in different countries. According to Valovaya, a legal framework for crypto is absolutely necessary.

The minister further admitted that, sooner or later, cryptocurrencies might have a great impact on macroeconomic stability.

As Cointelegraph previously reported, Russia’s Ministry of Finance is considering launching a digital currency backed by the countries in the EAEU by 2020 or 2021. However, the project is unlikely to use blockchain: according to Russian officials, it could instead be inspired by the European Currency Unit — the unit of account used by the European community before it was replaced by the euro (EUR) back in January 1999.

Earlier today, Jan. 28, Belarus’ largest bank Belarusbank has announced it might set up a crypto exchange and issue virtual credit cards instead of physical ones in a few months.