Belarus Aims to Launch CBDC to Facilitate Cross-Border Transactions

The National Bank of the Republic of Belarus (NBRB) is preparing to introduce its own digital currency, the digital Belarusian ruble, aimed at making cross-border transactions smoother.

Dmitry Kalechits, Deputy Chairman of the NRBR’s Board, revealed, “We’re excited to launch the digital Belarusian ruble, which will simplify cross-border use.”

The NBRB envisions the digital ruble as a legitimate and equivalent alternative to physical currency, facilitating non-cash payments. It’s set to be issued by the central bank, following similar initiatives in Russia.

President Alexander Lukashenko of Belarus discussed the digital ruble with Russia’s Central Bank Governor, Elvira Nabiullina, in May. Both leaders aim to decide on the CBDC launch by year-end.

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As Belarus aligns its CBDC strategy with Russia’s, the region is poised for a significant shift in cross-border financial transactions.