The National Bank of Belarus is preparing a legal framework for the launch of the digital ruble. This was announced by the First Deputy Chairman of the Board of the National Bank of the Republic of Belarus Alexander Egorov, his words convey BelTA, TV BRICS Partner.
As a representative of the regulator noted, in parallel with legislative work, technological work is underway to create a platform for digital currency. A little more than a year is allotted for its implementation.
The first deputy chairman of the board of the National Bank spoke about two key areas of application of the new form of national currency. The first – is increasing transparency and control over the targeted use of budget funds. Second – development of cross-border payments and creation of a basis for settlements in national currencies between countries.
«Our task – based on blockchain technology is to create a platform for the digital Belarusian ruble so that it can then calmly integrate into the platform of other countries so that we can trade between countries using not some foreign currencies, but our national ones», – Egorov explained.
The development of the digital ruble also corresponds to the general policy trends of the SCO countries. So, on the recent one summit more than 20 documents were signed in Tianjin, the key topic was the expansion of settlements in national currencies. The creation of the SCO Development Bank and new credit mechanisms will strengthen the financial independence of the participating countries and accelerate joint infrastructure projects, experts say.
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