National Bank to introduce digital Belarusian rubel

July 29, BPN. The Belarusian National Bank plans “a number of landmark initiatives,” including the introduction of the digital Belarusian rubel, says a recent report by Dźmitryj Kalečyc, deputy chair of the central bank’s board.

The report describes the new digital currency as “a legal tender, which performs all the functions of money, is issued by the central bank and has the same value as cash and non-cash Belarusian rubel.” Settlements in digital rubels will be treated as non-cash transactions.

The digital rubel will offer advantages for households, businesses, banks and authorities, Kalečyc said. 

The move will create new opportunities for cross-border payments involving partner countries, the report says, noting its importance amid Western sanctions that restrict access to international payment systems.

On July 24, Russian President Vladimir Putin also approved the introduction of the digital Russian ruble.