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The central bank of Belarus has announced plans to implement a blockchain-based version of its national currency, known as a Central Bank Digital Currency (CBDC). This innovative approach presents a cryptocurrency version of traditional fiat currency and is deemed a significant advancement for the global adoption of cryptocurrencies. The country is actively taking steps to introduce this digital currency, called the digital ruble, in the near future.
Planning and Development
According to Roman Golovchenko, the chairman of the National Bank’s board, the digital currency is expected to be launched in the second half of 2026. While businesses are anticipated to start utilizing this digital payment method, access for government institutions and individuals is planned to be opened by 2027.
The central bank is currently working on the necessary software solutions and legal regulations for the development of the digital ruble. In this process, emphasis is placed on the security, traceability, and technical infrastructure of the currency.
Roman Golovchenko: “The digital ruble is among our priorities. The security of funds and monitoring of cash flows are crucial issues.”
International Cooperation and Security
Officials have stated that the details and technical requirements of the CBDC application process are being meticulously evaluated. In the planning phase, the digital currency is designed for use by both government entities and the private sector, aiming to align the project with the national economic infrastructure’s digital transformation.
In line with the digital transformation trend in the region, Belarus is prioritizing cooperation with other countries during the implementation process. Preparations are underway to enhance efficiency, particularly in cross-border transactions.
Roman Golovchenko: “We are continuing to work on a joint action plan for mutual payments.”
The planned joint work between two countries could facilitate the effective use of digital payment systems on an international scale. Technological infrastructure and legal regulations play a pivotal role in the development process.
Officials assert that the necessary steps are being taken to establish a solid foundation for the digital ruble within the national system. While the project is supported by national and international collaborations, the measures and regulatory framework to be implemented are being carefully prepared. Efforts to strengthen the digital currency’s position in the economic system will be closely monitored.
