Minsk To Decide On Digital Ruble Integration By End Of 2023 - National Bank Chairman

Daniyal Sohail Published April 19, 2023 | 07:44 PM

The Belarusian National Bank is studying the implementation of a digital ruble and will take a decision on the matter by the end of the year, the bank's chairman, Pavel Kallaur, said on Wednesday

MINSK (UrduPoint News / Sputnik - 19th April, 2023) The Belarusian National Bank is studying the implementation of a digital ruble and will take a decision on the matter by the end of the year, the bank's chairman, Pavel Kallaur, said on Wednesday.

"In March, we developed and implemented a conception, we are building a demo-version of a platform in order to test (it), taking into account the technologies that are used. We look at the Russian Central Bank's experience in order to learn from others' mistakes and not make our own. Basically, by the end of the year, after having corresponding discussions and consultations, we must decide on the practicability and possibility of integrating a digital ruble in our country," Kallaur told press.

The decision will be made by Belarusian President Alexander Lukashenko since changes in legislation might be needed, the bank's chairman said.

"First of all, if the decision about the practicality (of digital ruble integration) is made, we will have to carry out a pilot project to make sure the approaches work.

It will probably take some specific law to conduct an experiment on a small circle of participants: banks and people," Kallaur added.

Kallaur also said that Minsk follows new trends closely but is not hurrying to integrate the digital ruble because the cashless payment system is well developed in Belarus.

In September 2021, the National Bank of Belarus stated it had started examining the practicality of implementing a digital Belarusian ruble in order to make a decision on the integration of this new form of money.

On Tuesday, Governor of the Bank of Russia Elvira Nabiullina said that the Russian Central Bank is ready to start its own digital ruble pilot project. The Bank of Russia is planning to issue a digital ruble as an additional form of Russia's national currency.