Connect with us

Hi, what are you looking for?

Economy

Belarus Actively Developing CBDC Platform on Hyperledger Fabric Blockchain

Belarus is at the forefront of financial innovation as it takes significant strides towards introducing its Central Bank Digital Currency (CBDC), the digital Belarusian ruble. In collaboration with the Center for Banking Technologies, the National Bank of Belarus is leveraging the open Hyperledger Fabric blockchain network to develop a robust platform for this digital currency.

According to the Ekonomicheskaya Gazeta, a local newspaper, the development of the digital ruble’s infrastructure commenced this month, with the National Bank actively expanding its team by recruiting skilled professionals, including programmers. These professionals will be crucial in shaping the core platform and designing innovative financial services tailored for the CBDC.

The National Bank of Belarus Initiates Digital Ruble Project on Hyperledger Fabric


The platform’s foundation will be built on the open-source Hyperledger Fabric blockchain. Job openings for backend developers with knowledge of Hyperledger Fabric and Linux, along with experience in creating smart contracts, have been posted on the official website of the Center of Bank Technologies.

The decision to introduce the digital ruble was discussed at an extended meeting of the board of the National Bank, where Deputy Chairman Dmitry Kalechits highlighted the project as “one of the significant areas of development in the payment sector.”

Notably, the digital ruble represents a new form of the Belarusian ruble issued by the state as a cryptocurrency. This move aligns with the broader trend of central bank digital currency (CBDC) exploration in various countries.

The National Bank of Belarus sees the technology behind the digital ruble emission as having particular relevance in cross-border payments. Similar efforts have been observed in other countries, including Russia, where the digital ruble is undergoing testing in real transactions.

The growing popularity of cryptocurrencies and the desire to maintain control over transactions are key motivations for introducing CBDCs. Additionally, the prospect of using digital currencies to navigate financial flows in the face of sanctions has heightened interest in countries like Russia and Belarus.

Additionally, CBDCs are viewed as a strategic response to sanctions, providing countries with a means to establish interstate financial flows that can persist even under sanctions.

The National Bank of Belarus Advances with the Launch of the Digital Ruble Project


Deputy Chairman Dmitry Kalechits emphasized the strategic significance of the digital Belarusian ruble project, positioning it as a cornerstone of advancement in the payment sector. Belarus aspires to position the digital ruble as a key player in cross-border transactions, contributing to the broader agenda of reducing reliance on traditional currencies, particularly the US dollar.

The National Bank of Belarus had previously announced a CBDC pilot in April 2023, and the final decision on the CBDC was expected to be made “at the level of the head of the state” by the end of the same year. Belarus intensified its CBDC efforts in 2023, with the CBDC experiment targeting a select group of participants, including commercial banks and individuals.

Chairman of the National Bank, Pavel Kallaur, highlights the significance of Central Bank Digital Currencies (CBDCs) as a “third form of money.” He described the digital ruble as akin to other forms of “non-cash money,” but with the added capability of being available offline and online. Kallaur emphasized that cross-border payments are a particularly interesting aspect of CBDC technology.

In 2023, Kallaur expressed the country’s readiness to adapt its system to integrate with digital currencies introduced by other nations. The goal is to ensure that Belarusian citizens and companies receive a high level of service in a cross-border digital currency environment.

The post Belarus Actively Developing CBDC Platform on Hyperledger Fabric Blockchain appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

AfreecaTV BJ (broadcast jockeys) stars have become the latest targets of increasingly sophisticated South Korean crypto scammers. Asia Kyungjae reported that the Seoul Central...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

President Joe Biden is 81 years old, setting a record as the oldest president in history. The following is a list of celebrities who...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

News

With eight months until Election Day, former President Trump carries voters who say either the economy or immigration is their priority voting issue, and...

News

Former U.N. Ambassador Nikki Haley questioned whether former President Donald Trump would follow the Constitution if elected again and refused to say whether she...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.