The Economic Security in the Field of Electronic Money Circulation in the EAEU Countries in 2019–2021

Abstract

The subject of the researchis the main aspects of ensuring economic security in the field of electronic money circulation in the EAEU countries.The purpose of the researchwas to develop recommendations for enhancing the economic security of electronic money transactions within the EAEU countries, including the entry of appropriate provisions into the “Concept for the Common Financial Market of the EAEU”.The factors of the objective and subjective nature that affect the economic security in using the electronic money were analyzed. The objective factors include those affecting cash flows, payments, settlements and the financial system of the country as a whole — various force majeure circumstances, financial crises, sharp changes in the national currency exchange rate, tightening of the law to the extent of absolute transaction embargo, imposition of sanctions on bank accounts, settlements, individual financial institutions, etc. Subjective factors include liquidity, reliability, universality, confidentiality, cyber resistance, anonymity and alike. These factors determine the list of measures aimed at ensuring economic security in the field of electronic money circulation within the EAEU. The economic security in this area is achieved through the development of action plans for each stage of activity. It is noted that the EAEU countries are currently pursuing identical but independent policies to ensure the economic security of electronic money transactions.It is concludedthat a stepwise harmonization of specific requirements, rules and standards for the circulation of electronic money in the EAEU countries based on their integration cooperation and with account for international experience is needed.