Reportedly, the National Bank of the Republic of Belarus is getting ready to launch a trial initiative for a central bank digital currency (CBDC), and it’s anticipated that a verdict on whether to release a digital Belarusian ruble will be made by the conclusion of this year. Pavel Kallaur, the Chairman of the Belarusian national bank, has stated that the decision to issue a CBDC would be determined at the head of state level, subsequent to consultations. If the project proceeds, there will be a pilot program involving a limited number of participants, such as banks and individuals.
According to Kallaur, the implementation of a CBDC would necessitate alterations to the civil code, banking and tax regulations, and the national budget. Belarus has previously taken steps to establish itself as a modern financial center, creating the High-Tech Park economic zone and taking measures to set up crypto mining and an exchange in the country.