By the end of the year, Belarus will decide on the issuance of CBDC: Chairman of the National Bank

The National Bank of the Republic of Belarus has prepared a pilot program for a central bank digital currency (CBDC), according to the BelTA official news agency. The country will make a decision on whether to issue a digital Belarusian ruble by the end of the year, said national bank chairman Pavel Kallaur.

“By the end of the year, after discussions and consultations, we should determine the possibility and feasibility of introducing a digital ruble in our country,” said Kallaur. “The decision will be made at the level of the head of state.”

If the project goes ahead to create a Belarusian CBDC, there will be a pilot program that will “experiment with a limited number of participants – banks and individuals”. Kallaur said: “We are working on setting up a demo version, a platform to try [a CBDC] out.” He added:

“We will look to the experience of the Russian Central Bank to learn from their mistakes and not make our own.”

Kallaur noted that the introduction of a CBDC would require changes to the civil code, banking and tax laws, and the national budget.

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Calling CBDC a “third form of money”, Kallaur said a digital ruble would be much like other forms of “non-cash” but would be available both offline and online. “Cross-border payments are the most interesting technology for us,” he said. “If other countries introduce digital currencies, we must be ready to connect our system so that our citizens and businesses have a high level of service.”

Belarus has taken steps to establish itself as a modern financial center, creating the High-Tech Park economic zone and taking steps to set up crypto mining and an exchange in the country.