Belarusian central bank approves CBDC concept

Belarus has developed and approved a concept for a national digital currency. This was announced by the chairman of the board of the National Bank, Pavel Kallaur, according to «Белта».

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According to him, the regulator is currently developing a pilot platform.

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“We are working on building a demo version, a platform, to test it. We are also looking at the Bank of Russia’s experience to learn from others’ mistakes and not repeat our own,” Kallaur said.

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A decision on the advisability of issuing the digital Belarusian ruble will be made by the end of 2023.

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At the same time, the introduction of the new financial instrument will require changes to the Civil, Banking and Tax Codes and to budget legislation.

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“If a decision is made, a pilot project will need to be carried out to ensure that the approaches work. The experiment with a narrow circle of participants — banks and individuals,” the chairman of the National Bank’s board noted.

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He added that the technology would be of greatest interest in cross-border payments.

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Earlier in March, Belarusian President Alexander Lukashenko signed an order extending tax incentives in the crypto sector until January 1, 2025.

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The document applies to residents of the Hi-Tech Park, within whose territory since 2018 the circulation of cryptocurrencies and tokens has been allowed under a framework.