Belarus #CBDC ‘Will Let Nation Decentralize Cross-border Trade,’ 2026 Rollout Confirmed
Belarus' Central Bank is gearing up for the launch of its new Central Bank Digital Currency (CBDC), aiming to facilitate decentralized cross-border trade by rolling out the national CBDC by 2026.
According to Mikhail Demidenko, the Deputy Head of Research and Strategic Development at the National Bank of Belarus (NBB), the CBDC project is part of Minsk's strategy to navigate through sanctions imposed by the US and the EU, particularly following the outbreak of war in Ukraine in February 2022.
Demidenko revealed that a demo version of the Belarusian CBDC has already been created by the NBB, with ongoing development of a platform to support the digital currency. The NBB has been actively recruiting #blockchain developers to contribute to the project and related services.
Businesses will be able to commence using the CBDC in 2025, with the NBB planning a full-fledged nationwide rollout by 2026.
The introduction of the CBDC is anticipated to mitigate risks associated with sanctions, while also fostering cross-border cooperation and reducing the costs of international payments. The NBB emphasized that transactions conducted with the digital Belarusian ruble (DBR) would not incur commission fees.
The DBR will operate on the Hyperledger Fabric blockchain protocol, providing the state with enhanced control over budget allocation. Demidenko assured that the CBDC would offer complete decentralization, allowing citizens to exchange digital Belarusian rubles for cash or non-cash rubles at their convenience.
The NBB unveiled its ambitious CBDC plans in October 2023, with a focus on facilitating cross-border #transactions right from the outset.
Source - cryptonews.com