The central banks of five EAEU countries — Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan — have coordinated their approaches to digital currencies and the regulation of virtual assets. The venue for the 31st meeting of the Consultative Council on Monetary Policy was the Belarusian town of Nesvizh, and the Russian delegation was led by Bank of Russia Governor Elvira Nabiullina. The key topic was not only the issuance of central bank digital currencies, but also the protection of citizens from financial fraudsters.
For depositors and businesses, this format of dialogue promises more predictable cross-border payments within the union. However, the regulators have not yet named specific timelines or decisions on digital currencies — the work is at the stage of reconciling positions.
What was discussed in Nesvizh
The participants reviewed the prospects for introducing central bank digital currencies — the electronic form of national money — and the general outlines of regulating virtual assets. The Chairman of the National Bank of Kyrgyzstan, Almaz Baketaev, presented an assessment of the economic situation in the country and measures to keep prices stable.
A separate block of the meeting was devoted to payment systems and digital technologies. Representatives of the National Bank of Kyrgyzstan spoke about protection against cyber threats and unauthorized payments, the digital som project and approaches to regulating virtual assets. Kazakhstan was represented by two regulators at once — the National Bank and the Agency for Regulation and Development of the Financial Market (ARDFM) headed by Madina Abylkasymova. The parties exchanged experience in countering fraudulent transactions.
The central banks of Armenia, Belarus, Kazakhstan and Russia also presented assessments of the economic situation in their countries, discussing inflation, the causes of price growth and monetary policy — factors that directly determine rates on loans and deposits. Following the meeting, a number of agreements were signed aimed at strengthening interaction in the union's financial market. The next meeting of the council will be held in Russia in 2027.
Digitalization of finance in the EAEU: what is already happening
The National Bank of Kyrgyzstan, which presented the digital som project in Nesvizh, expects to begin testing its platform only in 2027, although the pilot was initially scheduled for Q4 2026. For businesses, the delay translates into uncertainty: participants in the payment system have to prepare infrastructure without knowing either the timeline for a mass launch or the cost of the project.
Kazakhstan is simultaneously moving retail trade into digital format: Prime Minister Olzhas Bektenov has instructed that the digitalization of about 600 trading markets be accelerated and an information system be created for them. The authorities expect to bring businesses out of the shadows and increase tax revenues — the logic is the same as that of central banks in the fight against fraud: the more transactions pass through digital systems, the easier they are to control.
Laws ultimately cement the rules for digital finance, and in Russia artificial intelligence is being brought into their preparation: the State Duma committee on digital development will receive its own AI agent to process legislative initiatives. The idea is that experts and regions will be able to convey ideas to deputies faster, but it is not yet clear by what criteria the algorithm will select and combine proposals.
Cryptalist analysis: The synchronization of approaches in the EAEU creates the preconditions for a single regulatory contour, but the lack of timelines and specifics on virtual assets keeps uncertainty high for institutional participants. The priority of combating fraud and digitalizing payments signals the union's movement toward a controlled market model, where crypto assets will be integrated into the supervisory perimeter rather than develop outside it.