Belarus Plans to Launch Digital Ruble for Cross-Border Payments

Belarus to Launch Digital Ruble for Cross-Border Payments

The National Bank of the Republic of Belarus (NBRB) has announced plans to introduce a digital version of the Belarusian ruble for use in cross-border payments. According to Dmitry Kalechits, the NRBR’s Deputy Chairman, this is one of the bank’s most significant projects in recent years. The digital ruble, considered a legal tender by the central bank, will have the same value as the physical ruble. The NRBR aims to classify settlements with the digital ruble as non-cash payments, similar to Russia’s approach with its own CBDC trial. Belarus has been actively encouraging crypto firms in the country, offering benefits like visa waivers and tax-free status.

Key Points:

The NBRB plans to launch a digital version of the Belarusian ruble for cross-border payments.
The digital ruble will be considered a legal tender with the same value as physical currency.
Settlements with the digital ruble will be classified as non-cash payments.
Belarus has been actively wooing crypto firms, offering benefits like visa waivers and tax-free status.
The NRBR aims to align its CBDC plans with Russia’s digital ruble project.

Hot Take:

Belarus is following in the footsteps of Russia by developing its own CBDC. The launch of the digital Belarusian ruble for cross-border payments is seen as a significant project by the National Bank of the Republic of Belarus. The digital ruble will have the same value as physical ruble and will be issued by the central bank. Belarus aims to classify settlements with the digital ruble as non-cash payments, similar to Russia’s approach. This move is part of Belarus’ efforts to attract crypto firms and align its CBDC plans with Russia’s digital ruble project.