Belarus is edging closer to the launch of its CBDC, the digital Belarusian ruble, with a new “platform” built on the open Hyperledger Fabric blockchain network.
Per Ekononmicheskaya Gazeta, the National Bank of Belarus and the Center for Banking Technologies “began developing a platform for the digital ruble” this month.
The bank is also “currently recruiting new employees” to spearhead the project. New “programmers” will be tasked with “developing the core of the platform.”
New hires will also develop a range of new financial services for the CBDC, the bank explained.
The media outlet reported that the central bank’s governing board held an “extended meeting” on the “topic of introducing the digital ruble” last week.
The bank board’s Deputy Chairman Dmitry Kalechits called the digital Belarusian ruble project “one of the most significant areas of development in the payment sector.”
Dmitry Kalechits, the Deputy Chairman of the Board of the National Bank of the Republic of Belarus. (Source: KEF Belarus/YouTube)
Why Does Belarus Want to Launch a CBDC?
The National Bank says the digital ruble will operate in the international payments space as Minsk looks to de-dollarize.
Senior Belarusian National Bank figures have said – on numerous occasions – that the technology the digital ruble is based upon “will be of greatest interest in the cross-border payments space.”
Like Moscow and Astana, Minsk stepped up its CBDC plans in mid-2023. The bank has spoken of its desire to plans to create a CBDC “experiment.”
The bank said a “narrow group of participants” including commercial banks and “individuals” would be the first to transact with the coin.
The media outlet, meanwhile, said Russia and Belarus think CBDCs will let them trade with intentional partners in spite of Western sanctions. The report’s author wrote:
“It is believed that [CBDCs] will allow countries to build interstate financial flows that can continue to function even under sanctions regimes.”
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The outlet added that “the growing popularity of cryptocurrencies,” which “cannot be controlled by the state,” was another contributing factor.
Several other central banks have signaled an intention to launch Hyperledger-powered CBDC.
The Russian Central Bank has previously attempted to recruit Hyperledger Fabric-proficient experts.
The group also includes Brazil, which is using the Hyperledger Besu protocol for its digital fiat.
