- Belarus discusses the creation of its Central bank digital currency.
- The existence of the Belarusian CBDC hinges on the feasibility of its existence after proper consultations are made.
- Belarus plans to join the modern train to help boost economic growth.
- The final decision on the CBDC is to be made at the level of the head of state.
Pavel Kallur, the Chairman of the Belarusian National Bank, has said that the decision on their CBDC would be eventually made at the head of the state level after due consultations are made.
Belarus’s national bank announced that they had prepared a pilot program for the new central bank digital currency (CBDC), according to information from the official BelTA news agency.
The country has said that the decision on issuing the digital Belarusian rubble would be made by the end of the year after enough discussions and consultations are made, with a proper determination of the feasibility and possibility of introducing digital rubble in Belarus.
The Chairman of the Belarusian national bank, Paul, said that if the project can continue without the creation of a Belarusian CBDC, there would be a pilot program that will focus on experimenting with a narrow range of participants, which includes banks and individuals, and also added that they are working on setting up a demo version of a platform to try out the CBDC.
Belarus will take its cue from Russia’s central bank experience to learn from any mistakes they made along the way and to avoid making any mistakes of the same magnitude.
The Chairman also termed the CBDC a third form of money. He even said that the digital ruble would be similar to other forms of non-cash funds but would be made available offline and online.
The existence of cross-border payments is an exciting technology for the country. If other nations introduce a digital currency, Belarus must be ready to hook up their system. Hence, the citizens and companies have a high level of service available.
The country is taking steps to ensure its place as a modern financial center by creating high-tech park economic zones, and they have also taken measures to set up crypto mining and crypto exchange in the country.
Belarus is not the only country that has decided to create a digital currency in recent times; India, Nigeria, Australia, and the UAE all have their own CBDC, with the adoption of the Nigerian central bank digital currency spiking up earlier in the year due to a fiat shortage in the country.
Conclusion
While the creation of a Belarusian would help the country’s plan to ensure its place as a modern financial center, the decision would only be made based on the results from the consultations on the possibility of the country owning its central bank digital currency. The final decision would be made at the head of the state level.
