Digital Belarusian ruble

2024: Currency Creation

At the end of January 2024, it became known that the Center for Banking Technologies company, one of the key developers of software solutions for the National Bank of the Republic of Belarus, began to create a digital ruble platform. It will be based on the open blockchain Hyperledger Fabric.

It is noted that in the context of rapid changes caused by the active introduction of digital technologies in all spheres of the economy, the financial system of Belarus must meet the changing needs of citizens and business entities in faster, more convenient, cheaper and safer means of monetary circulation. One of them is the digital ruble, which will be used along with traditional cash and non-cash money.

Sputnik.by

As part of the project to introduce the digital Belarusian ruble, programmers at the first stage will develop a platform core based on Hyperledger Fabric. After that, financial services will be created for it. The new form of money is expected to allow the establishment of interstate financial flows protected from sanctions. The emergence of the digital ruble will help increase the availability of financial instruments and improve the quality of customer service due to increased competition between financial institutions. It is also said about reducing currency risks when making payments under foreign trade agreements, developing new payment services and ensuring a greater level of security of funds.

On January 25, 2024, an expanded meeting of the Board of the National Bank of the Republic of Belarus was held. Deputy Chairman of the department Dmitry Kalechits said that the start of the project to introduce the digital Belarusian ruble is "one of the significant areas of development in the payment sector."^[1]

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