Goodbye Dollar, Hello Altyn? In Ex-Soviet Union, Possible Future Currency Has Rich Past
When Russian President Vladimir Putin submitted a bill aimed to help de-dollarize the post-Soviet space, it came as no surprise for many in the former U.S.S.R.
On August 28, Putin asked parliament to ratify a treaty among members of the Commonwealth of Independent States that would expand the use of their national currencies -- instead of the dollar or euro -- in foreign trade payments and financial services.
The move came as the ruble and other currencies across the region continue to suffer. It followed months of calls in Russia for the creation of a single currency for the Eurasian Economic Union, which comprises Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan.
The proposed name: the "altyn."
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