Belarus to Launch Digital Ruble on Hyperledger Fabric
The National Bank of Belarus is making progress in developing its central bank digital currency (CBDC), the digital Belarusian ruble. The bank is building a platform for the digital ruble using the open-source Hyperledger Fabric blockchain network. It has also begun recruiting new employees, particularly programmers, to develop the core of the platform and create new financial services for the CBDC.
Reasons for Launching a CBDC in Belarus
The National Bank aims to de-dollarize and enhance international payments by introducing the digital ruble. Officials have stated that the CBDC technology will be beneficial in cross-border transactions. Belarus intends to start with a limited group of participants, including commercial banks and individuals, before expanding its usage. The country, along with Russia, believes that CBDCs can help facilitate interstate financial flows despite Western sanctions. Additionally, the growing popularity of cryptocurrencies beyond state control has influenced Belarus’ decision.
Hyperledger Fabric-powered CBDCs
Belarus is not alone in adopting Hyperledger Fabric for its CBDC project. Other central banks, including Russia and Brazil, have also expressed interest in using this blockchain network for their digital currencies.
Hot Take: Hyperledger Fabric Strengthens CBDC Development in Belarus
Belarus is making significant strides in the development of its digital ruble with the use of Hyperledger Fabric. By leveraging this open-source blockchain network, Belarus aims to enhance cross-border payments and reduce dependence on traditional currencies like the US dollar. The adoption of Hyperledger Fabric by multiple central banks demonstrates its credibility and potential for CBDC implementation worldwide. As more countries explore digital currencies, Hyperledger Fabric’s secure and scalable infrastructure may become a standard choice for future CBDC projects.
By
By
By
By