National Bank: digital Rouble introduction develops Belarus’ payment market and cross-border payment potential

The digital Belarusian Rouble (DBR) concept was approved by the National Bank Board, and a decision was made to start the DBR platform development. The introduction of the digital Belarusian Rouble expands the conditions for the development of the national payment market and creates the potential for the use of the central bank's digital currency in cross-border payments. The Deputy Chairman of the National Bank Board, Dmitry Kalechits, has shared some details.

According to Mr. Kalechits, the interaction of digital currency platforms will increase the availability of cross-border payments between counterparties from Belarus’ partner countries. Back in August 2021, the Head of State instructed the National Bank and the Government to elaborate the issue on the need and possibility of introducing such a currency in the Belarusian payment market by the end of 2023. Following the relevant work, the National Bank and the Government made a joint proposal in December last year to develop and introduce the DBR, and it was supported and approved by the Head of State.

“This January, the National Bank approved the concept of the digital Belarusian Rouble. It outlines the main approaches to its introduction, as well as a roadmap," Mr. Kalechits said, adding that the project has a high potential for the development of Belarus’ economy. It will be of interest to the state, businesses and ordinary people, because an alternative channel for non-cash payments is being created in this way.