Belarus is making significant strides in its plan to introduce a central bank digital currency (CBDC), with the digital ruble expected to be fully implemented by the latter half of 2026. National Bank Chairman Roman Golovchenko has highlighted the importance of developing the digital ruble, emphasizing the need for security and traceability of funds. This “coloring” of money will enable the state to monitor the movement of digital assets within the financial system.
The roadmap for the digital ruble includes three key phases: designing the platform architecture, developing proprietary software, and establishing a regulatory framework to govern its operation. The rollout will commence with businesses in 2026, followed by government entities and the general public in 2027. Golovchenko envisions the digital ruble playing a significant role in cross-border payments, with Belarus collaborating closely with Russia, which is also pursuing its own CBDC initiative.
The Belarusian Center for Banking Technologies has begun developing the digital ruble platform, choosing the open-source Hyperledger Fabric blockchain as its foundation. This aligns Belarus with other central banks, such as Russia and Brazil, that are utilizing Hyperledger technology for their CBDC projects. The platform’s initial focus is on core functionality, with plans to expand into a wider range of financial services.
The move towards a digital ruble is driven by the increasing adoption of cryptocurrencies and the impact of international sanctions. Introducing a CBDC allows countries like Belarus and Russia to establish independent financial channels and reduce their vulnerability to external economic pressures. The digital ruble will complement existing forms of the Belarusian ruble, providing an additional state-issued digital currency option.
In contrast, Russia has faced delays in its digital ruble rollout, with the central bank postponing the full-scale launch due to technical and operational challenges. The pilot phase, which began in August 2023, encountered hurdles that necessitated further refinement before mass adoption.
Belarus has been proactive in embracing digital innovation, having adopted a comprehensive legal framework for cryptocurrencies in 2018. This regulatory framework has streamlined accounting standards and facilitated crypto transactions for businesses, positioning Belarus as a forward-thinking nation in the digital asset space. The country’s commitment to digital transformation and financial innovation is evident in its pursuit of the digital ruble initiative.