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Belarus Plans CBDC Push to Decentralize Cross-Border Trade

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Key Takeaways

The National Bank of Belarus (NBB) plans to launch a central bank digital currency (CBDC) called the digital Belarusian ruble (DBR) to better facilitate cross-border payments and trade.

CBDC Development

A demo version of the Belarusian CBDC has been created and the NBB is building a platform for the digital currency. The bank has recruited blockchain developers to work on the DBR and related services.

The NBB aims to introduce the CBDC for businesses in 2025 before a national rollout in 2026.

Goals and Features

The primary goal of the Belarusian CBDC is to decentralize cross-border payments, per NBB Deputy Head Mikhail Demidenko. The digital currency will use the Hyperledger Fabric blockchain protocol and is intended to be fully decentralized.

The DBR is expected to lower the cost of international transactions and the NBB will not charge commission on CBDC transactions. The coin will also allow the government to better monitor budget fund allocations.

The NBB plans to integrate anonymity features for CBDC purchases. Citizens will be able to exchange digital rubles for cash at any time.

Broader Context

The NBB first revealed plans for a CBDC in October 2023, aiming for cross-border functionality per ONT. However, Belarus has faced international criticism and sanctions for alleged human rights abuses.

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The post Belarus Plans CBDC Push to Decentralize Cross-Border Trade appeared first on Althalla.

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