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20 June 2024, 14:19

Minor legislation changes needed to introduce digital Belarusian ruble

MINSK, 20 June (BelTA) – The Civil Code and the Banking Code will have to be amended in order to introduce the digital Belarusian ruble. Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur made the statement at a joint session of the House of Representatives and the Council of the Republic of the National Assembly of Belarus, BelTA has learned.

Pavel Kallaur said: “The introduction of the digital Belarusian ruble is not a very simple project from the point of view of legislation and technological implementation. We share experience with Russia’s Central Bank and other colleagues. During a recent meeting with [Russia’s Central Bank head] Elvira Nabiullina this matter was also discussed. There is a widespread opinion that it is the third form of money. The matter is open to debate. From the point of view of legislation the digital Belarusian ruble will be treated as cashless payments. Respectively we will have to amend the legislation that regulates non-cash operations. Both the Civil Code and the Banking Code will be affected. According to our analysis, sweeping changes will not be required.”

The digital Belarusian ruble is a digital form of Belarusian rubles. It is a legal tender that can fulfill all the money functions and has a value that is equal to cash and cashless Belarusian rubles. Transactions involving digital Belarusian rubles are expected to be treated as cashless operations. The main idea behind introducing the digital Belarusian ruble is to expand conditions for developing the national payment market and create potential for using the digital currency of the central bank for transboundary payments.

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