The National Bank of Belarus is preparing the legal framework for the launch of the digital rouble. This was announced by Aleksander Yegorov, First Deputy Chairman of the Board of the National Bank of the Republic of Belarus, as reported by
BelTA, a partner of TV BRICS.
As noted by the representative of the regulator, in parallel with the legislative work, technological work is underway to create a platform for the digital currency. Its implementation will take just over a year.
The First Deputy Chairman of the National Bank’s Board spoke about two key areas of application for the new form of national currency. The first is to increase transparency and control over the targeted use of budget funds. The second is to develop cross-border payments and create a basis for settlements in national currencies between countries.
“Our task is to use blockchain technology to create a platform for the digital Belarusian ruble that can then be easily integrated into the platforms of other countries so that we can trade between countries using our national currencies rather than foreign currencies,” Yegorov explained.
The development of the digital ruble is also in line with the general policy trends of the SCO countries. At a recent summit in Tianjin, more than 20 documents were signed, with the key topic being the expansion of settlements in national currencies. Experts believe that the creation of the SCO Development Bank and new credit mechanisms will strengthen the financial independence of member countries and accelerate joint infrastructure projects.
Photo: ismagilov /
iStock
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