The Belarusian Center for Banking Technologies initiated the development of a platform for the digital ruble earlier this year and is currently hiring new employees to complete the project.
The platform, based on the open-source Hyperledger Fabric blockchain, will prioritize the development of core functionality, followed by financial services that will utilize it.
At an extended meeting of the board of the National Bank last week, the digital ruble was a major topic of discussion.
Dmitry Kalechits, the Deputy Chairman of the Central Bank, highlighted the implementation of the digital ruble project as a significant priority for developing the payment sector.
The digital ruble represents another version of the Belarusian ruble, alongside cash and electronic forms, functioning as a government-issued cryptocurrency.
In 2022, Russia commenced real-world payment testing using the digital ruble.
Belarusian National Bank officials state that the technology behind the digital ruble will be most beneficial for cross-border payments.
Two main factors have driven the recent relevance of introducing a central bank digital currency in Russia, Belarus, and other countries.
The first factor is the increasing adoption of cryptocurrencies, posing the risk of a substantial portion of transactions moving beyond state oversight.
The second factor fueling heightened attention to the introduction of the digital ruble in Russia and Belarus is the impact of sanctions.
The introduction of the digital ruble is expected to empower nations to establish independent interstate financial channels, particularly in the face of sanctions.
Belarus intensified its CBDC plans in mid-2023, with a focus on creating a CBDC experiment involving a limited group of participants, including commercial banks and individuals.
The move aligns with the country’s strategy to adapt to the changing financial landscape and the growing popularity of cryptocurrencies, which cannot be controlled by the state
The adoption of the Hyperledger Fabric blockchain for the CBDC project reflects a broader trend, as other central banks, including Russia and Brazil, have signaled their intention to launch CBDCs powered by Hyperledger technology. The move toward blockchain-based CBDCs signifies the evolving landscape of digital currencies and their potential to reshape international financial transactions.
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