Eurasian Economic Union plans to adopt common currency unit

By user
In August 13, 2014
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Source: ITAR-TASS News Agency;

The Eurasian Economic Union of Russia, Belarus and Kazakhstan might adopt it’s a common currency unit, Altyn.

Altyn was the name of the ancient gold coin once used by Russians extensively for trade with Turkic and Arabic neighbors. Later, in medieval times, altyn, or  “altynnik,” became one of the regular Russian coins.

The  Altyn as the new Eurasian currency has been originally planned for 2025, but now, due to the US/EU sanctions against Russia, the transition to Altyn may occur within 3-5 years.

Through Altyn, Russia-Kazakhstan-Belarus are sending a signal that they are targeting the gold standard. Along with China also targeting the gold standard through the Yuan, the new Eurasian currency will lead to the demise of the dollar as world reserve currency.

Russia, Belarus and Kazakhstan signed in May 2014 the Eurasian Economic Union Treaty which will come into effect in January 2015. Cutting down trade barriers and comprising over 170 million people it will be the largest common market in the ex-Soviet sphere.

Two more countries of the Commonwealth of Independent States (CIS), Armenia and Kyrgyzstan, have announced their plans to join the Union.