The Central Bank of Belarus began developing a digital ruble platform

The state company «Center for Banking Technologies», a partner of the National Bank of the Republic of Belarus, has begun developing a digital ruble platform, sources say from the Minsk publication «Economic Gazeta».

The platform should be built on the open Hyperledger Fabric blockchain. Now the Center for Banking Technologies is actively recruiting new employees to implement the project. The task of the specialists is to create the core of the platform and develop financial services.

At the last meeting of the National Bank, the topic of introducing a digital Belarusian ruble was discussed. Deputy Chairman of the Board of the Central Bank Dmitry Kalechits announced that the project to introduce its own state stablecoin will become one of the key areas for the development of the payment sector of the republic. The official regularly claims that CBDC offers “a range of benefits for the public, businesses, banks and the government.”

The government believes that the greatest interest in the technology of issuing digital rubles will manifest itself in cross-border payments. The introduction of a digital currency by the Central Bank has become relevant in light of the growing popularity of cryptocurrencies and the desire of the Belarusian authorities to circumvent Western sanctions.

Neighboring Russia has been testing a national digital currency for a long time.. The day before, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that already this year the digital ruble will be tested for budget payments in several categories. A high-ranking deputy assured that the full implementation of the digital ruble is planned from 2025. This form of currency is currently being tested in several regions.