Belarus To Launch CBDC By End Of 2023

Key Points:

• The National Bank of the Republic of Belarus has established a pilot program for CBDCs.
• The timing of the issuance of the Belarusian digital ruble is before the end of the year.
• There will be a pilot program with a limited number of participants, including banks and individuals

According to the official BelTA news agency, the National Bank of the Republic of Belarus has established a pilot program for a central bank digital currency (CBDC).

After a joint meeting of the House of Representatives and the Council of the Republic, National Bank Chairman of the Board Pavel Kallaur said that the government would decide on the issuing of a digital Belarusian ruble before the end of the year.

“Now almost all central banks are paying attention to a new phenomenon – digital currency. According to our information, about a hundred central banks are already at the study stage, have prepared concepts or are already piloting. This is really a new phenomenon, which is associated with the development of modern technologies,” he said.

According to him, central bank digital currency is seen as a new type of money.

“There is cash, and we use non-cash quite actively; digital currency is closer to non-cash money, but it also has the potential to fulfill some tasks of cash, in that it can be used not just online, but also offline,” revealed National Bank’s chairman of the board.

If the idea to establish Belarusian CBDC proceeds, there will be a trial program with a limited number of participants, including banks and individuals. Kallaur said:

“We are working on building a demo version, a platform to try it out. We are also looking at the experience of the Central Bank of Russia in order to learn from the mistakes of others and avoid our own. “

According to him, since this is a new, third form of money, its implementation would need legislative modifications in the Civil, Banking, Tax, and Budget Codes. Kallau stated digital currencies are not yet utilized in cross-border payments, nations are undertaking trials, and payment system docking is being worked out.

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