The National Bank of Belarus Begins Development of Digital Ruble on Hyperledger Fabric Blockchain
Belarus is making significant progress in the world of financial innovation by taking steps towards introducing its Central Bank Digital Currency (CBDC), the digital Belarusian ruble. The National Bank of Belarus is collaborating with the Center for Banking Technologies to develop a robust platform for this digital currency, utilizing the open Hyperledger Fabric blockchain network.
The Infrastructure Development for the Digital Ruble Begins
The development of the infrastructure for the digital ruble started this month, with the National Bank actively expanding its team and recruiting skilled professionals, including programmers. These professionals will play a crucial role in shaping the core platform and designing innovative financial services tailored for the CBDC.
The National Bank of Belarus Initiates Digital Ruble Project on Hyperledger Fabric
The foundation of the platform will be built on the open-source Hyperledger Fabric blockchain. Job openings for backend developers with knowledge of Hyperledger Fabric and Linux, as well as experience in creating smart contracts, have been posted on the official website of the Center of Bank Technologies.
Introduction of the Digital Ruble as a State-Issued Cryptocurrency
The digital ruble represents a new form of the Belarusian ruble issued by the state as a cryptocurrency. This aligns with the global trend of exploring central bank digital currencies (CBDCs) in various countries.
Strategic Significance and Cross-Border Transactions
The National Bank of Belarus sees the technology behind the digital ruble emission as particularly relevant in cross-border payments. Similar efforts have been observed in other countries, including Russia.
CBDCs as a Response to Sanctions
CBDCs are seen as a strategic response to sanctions, providing countries with a means to establish interstate financial flows that can persist even under sanctions.
The National Bank of Belarus Advances with the Launch of the Digital Ruble Project
The Deputy Chairman of the National Bank emphasizes the strategic significance of the digital ruble project and its role in advancing the payment sector. Belarus aims to position the digital ruble as a key player in cross-border transactions, reducing reliance on traditional currencies.
CBDC Pilot and Integration with Other Digital Currencies
The National Bank of Belarus had previously announced a CBDC pilot and expressed readiness to integrate with digital currencies introduced by other nations. The goal is to ensure a high level of service for Belarusian citizens and companies in a cross-border digital currency environment.
Hot Take: Belarus Actively Developing CBDC Platform on Hyperledger Fabric Blockchain
Belarus is making significant progress in developing its Central Bank Digital Currency (CBDC), the digital ruble. By leveraging the Hyperledger Fabric blockchain network, the National Bank of Belarus aims to create an innovative platform for this state-issued cryptocurrency. The development of the digital ruble’s infrastructure is well underway, with skilled professionals being recruited to shape the core platform and design tailored financial services. This move aligns with the global trend of exploring CBDCs and highlights Belarus’ ambition to become a key player in cross-border transactions while reducing reliance on traditional currencies. The introduction of CBDCs also provides strategic advantages in navigating financial flows during times of sanctions. With these advancements, Belarus is at the forefront of financial innovation and paving the way for future developments in the digital currency landscape.
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