Belarusian central bank decides to introduce digital ruble

MINSK. Aug 1 (Interfax) - The National Bank of Belarus (NBB) plans to introduce a digital Belarusian ruble and support settlements with it in international transactions, the deputy governor of the NBB, Dmitry Kalechits said.

"One of the important major projects will be the introduction of a digital Belarusian ruble and its launch on the cross-border level," Kalechits said in a speech posted on the NBB's website.

"The National Bank of the Republic of Belarus defines the digital Belarusian ruble as a legal means of payment that fulfills all the functions of money, is issued by the central bank and has the same value as the cash and noncash Belarusian ruble," Kalechits said.

He said settlements with the digital ruble will be treated as noncash settlements.

He also said that the NBB is considering the possibility of making payments in digital currencies between the central banks of Belarus and Russia.

"The possibility of making cross-border payments in the digital currencies of central banks is of particular interest. The interaction of central banks' digital currency platforms will make it possible to increase the accessibility of cross-border payments with counterparties from partner countries through their integration, which is particularly relevant amid the sanctions pressure on the Russian and Belarusian economies, as well as restrictions on access to international payment systems," Kalechits said.

Belarusian President Alexander Lukashenko discussed the digital ruble, among other things, with Russian Central Bank Governor Elvira Nabiullina at the end of May. NBB Governor Pavel Kallaur said at the beginning of 2023 that the NBB was studying the possibility of introducing a digital ruble and would make a decision by the end of the year.