The US dollar is going through hard times. Apart from the fact that many analysts and large market players are losing faith in it, many countries are trying to shake its supreme status by shifting to the national currencies in mutual payments. While some critics have scoffed at the progress in the de-dollarization process launched by the Russian government in response to European and US sanctions, Russia has achieved great success in this matter.

Despite the leading role of the US dollar in the global financial system, one of the world's most powerful economic unions teamed up to reduce the volume of trade operations in the US currency at a record pace. Russia together with other countries of the Eurasian Economic Union (EAEU – Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan) is planning to establish such a mechanism that will totally exclude dollars from payments. It is true that no man is an island. However, when so many countries pledged to the common cause, success is guaranteed. Even now, with joint efforts, the EAEU member states have managed to transfer almost half of all transactions to national currencies. Sergey Glazyev, a Member of the Board and Minister in charge of Integration and Macroeconomics of the Eurasian Economic Union, shared the happy news in an interview.

Besides, the union has another ambitious aim. It is intending to launch its own cryptocurrency by 2020. Its working title is cryptoaltyn. Sergey Glazyev is confident that it will ensure transparency of transactions and increase the efficiency of the joint activities of countries.