Belarus begins preparing legal framework for introducing digital ruble
MINSK. March 24 (Interfax) - The House of Representatives of the National Assembly of the Republic of Belarus, the lower house of parliament, adopted a draft bill amending several of the country's codes and laws to enable the creation of a legal framework for integrating the digital Belarusian ruble in its first reading on Tuesday, member of the permanent parliamentary budget and finances commission Alexei Raiko said.
"The digital Belarusian ruble is to become a new additional form of non-cash money, not held in bank accounts like the existing form, but in digital accounts in the National Bank," Raiko is quoted as saying by publication Belarus Today.
"A legal framework is currently being formed for integrating the digital Belarusian ruble, which will be a legal payment method within our country's territory, effectively allowing citizens to make payments in a digital currency. The digital ruble will become a new form of non-cash payments. Business, for instance, will effectively be given a 24/7 instant payments system [...] A distributed ledger will be set up on the National Bank's platform," the deputy said.
Raiko said that one of the key advantages of the digital ruble would also be a lesser degree of dependence on international payment systems for cross-border payments.
He also said that the digital Belarusian ruble would not have an impact on the circulation of cash and non-cash money in Belarus and that it was not a savings instrument. Interest will not be paid out on the digital account balance and the new digital ruble will not be used to keep funds in deposits or to issue loans to private individuals.
Raiko said that the integration of the digital Belarusian ruble would require amendments to five legal codes and eight laws.
It has been reported that the National Bank of the Republic of Belarus is planning to begin testing the industrial use of the digital Belarusian ruble on July 1. It is scheduled to be rolled out for wider use from 2027 onwards.
