National Bank of Belarus prepares draft law on introducing digital national currency

MINSK. Sept 8 (Interfax) - The National Bank of Belarus (NBB) has developed a draft law on the digital Belarusian ruble, and all regulatory and technical frameworks for its implementation will be ready by the end of next year, NBB First Deputy Governor Alexander Yegorov said.

"Technological work is underway to create a platform for the digital Belarusian ruble. Our task is to create a platform for the digital Belarusian ruble based on blockchain technology, which can then be integrated into the platforms of other countries to trade between countries using our national currencies instead of foreign currencies," Yegorov was quoted by the NBB's press service as saying.

It is planned that the digital ruble will be used to control the use of budgetary funds, "where we can trace, down to the end individual, where budgetary funds were spent and ultimately reached," Yegorov said.

In April, the head of the National Bank, Roman Golovchenko, said that Belarus plans to fully introduce the digital ruble into circulation in H2 2026. "We are working very closely with the Russian Federation, which is also on the path to creating its own digital ruble; it is very important that these currencies, so to speak, communicate with each other, and we can conduct cross-border transactions," Golovchenko said.