On Wednesday, Belarus Central Bank’s Chairman Pavel Kallaur spoke about potentially introducing a central bank digital currency (CBDC) in his country. Mr. Kallaur noted that a Belarusian digital ruble is in the works and could be officially announced by the end of the year. Officials are looking closely at the experience of Russia’s Central Bank.
During a press conference yesterday, the Chairman reported that a digital ruble proof of concept (PoC) has already been developed and approved. “We are working on building a demo version, a platform to try it out,” he said, hinting that a launch decision could be imminent. “By the end of the year, we must, having held discussions and consultations, decide on the feasibility and possibility of introducing the digital ruble in our country.”
Mr. Kallaur also said Belarus is learning from Russia’s own digital ruble efforts to avoid “other people’s mistakes”. However, the country also seems to be following its neighbor’s steps to protect their special relationship. Belarus is Russia’s primary ally in the Ukrainian war, and the two countries conduct a great deal of trade together, so the Chairman expressed great interest in using CBDCs to facilitate cross-border payments.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
