Belarus is forging ahead with the creation of a blockchain platform dedicated to its central bank’s digital currency (CBDC) despite facing international sanctions. The country aims to leverage its digital ruble (Belarusian ruble) to facilitate cross-border transactions.
As reported by the Ekonomicheskaya Gazeta, a local publication, the state-owned Center of Bank Technologies initiated the development of the CBDC platform in Jan and is actively recruiting skilled developers for the project. The development team plans to construct the platform using the open-source Hyperledger Fabric blockchain.
However, the official website of the Center of Bank Technologies currently features a job listing targeting backend developers proficient in Hyperledger Fabric and Linux, along with hands-on experience in the creation of smart contracts.
In April 2023, the National Bank of the Republic of Belarus unveiled its CBDC pilot program details. During this announcement, Pavel Kallaur, the chairman of the National Bank, disclosed that the ultimate decision regarding the CBDC’s implementation would be determined “at the level of the head of the state” by the conclusion of 2023.
Global Wave: Japan, Cambodia, & UAE Join The CBDC Movement In 2024
Moreover, In July of 2023, the deputy chairman of the National Bank, Dmitriy Kalethichts, officially declared the nation’s intention to adopt a Central Bank Digital Currency (CBDC) as a recognized legal tender. He underscored the potential use of the “digital rouble” in cross-border trade with Russia, where a similar initiative known as the “digital rouble” was actively being pursued.
A significant development occurred in May 2023 when President Alexander Lukashenko of Belarus held discussions with Elvira Nabiullina, the chairperson of the Central Bank of Russia. The focal point of their meeting was the exploration of the digital rouble as a prospective common currency for both nations.
Since the last year, the Belarusian Foreign Affairs Ministry has been hard at work. Their project? Law changes to ban person-to-person (P2P) trades using digital coins like Bitcoin. They have a reason. Cybercrime in Belarus has gone up. And authorities say P2P platforms using digital coins are a hot spot for crooks. They use them to turn stolen money into real cash and make money transfers to people involved in criminal activities.
As of 2024, several countries, including Japan, Cambodia, and the UAE, have made public announcements signaling their intent to explore further or implement CBDCs, marking a global trend toward adopting digital currencies.
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