Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn

Belarus is building CBDC platform on Hyperledger Fabric

CointelegraphCointelegraph2024/01/31 10:37
By:David Attlee

Belarus proceeds to develop a blockchain platform for its central bank digital currency (CBDC) . The country is under international sanctions, but Belarus hopes to use its digital ruble (Belarusian ruble) for cross-border transactions. 

According to the Ekonomicheskaya Gazeta, a local newspaper, the state-owned Center of Bank Technologies began building the CBDC platform in January and is now actively hiring developers. The platform will be built on the open-source Hyperledger Fabric blockchain.

The official website of the Center of Bank Technologies contains a job opening for backend developers with knowledge of Hyperledger Fabric and Linux and experience in creating smart contracts.

Job description for Backend Developer on HyperLedger Fabric. Source: cbt.by

The news about the CBDC pilot, prepared by the National Bank of the Republic of Belarus, appeared in April 2023 . Back then, the chairman of the National Bank, Pavel Kallaur, revealed that the country would make the final decision “at the level of the head of the state” on the CBDC by the end of 2023.

Related: Japan to resolve CBDC issuance legalities by Q2 2024

In July 2023, the deputy chairman of the National Bank, Dmitriy Kalethichts, officially confirmed that the nation is going to implement the CBDC as a legal tender. He also emphasized that the “digital rouble” might be used in cross-border trade with Russia, which has been actively exploring its own CBDC , also called “digital rouble.”

In May 2023, the President of Belarus, Alexander Lukashenko, met with the chairman of the Central Bank of Russia, Elvira Nabiullina, to discuss the digital rouble in the framework of the potential single currency for both countries.

Meanwhile, since last year, the Belarusian Ministry of Foreign Affairs has been working on legal amendments prohibiting peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin. The authority cited a high cybercrime rate in Belarus and argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.”

Since the beginning of 2024, several countries announced their further movement toward exploring or implementing CBDCs , including Japan, Cambodia and UAE.

Magazine: Big Questions. How can Bitcoin payments stage a comeback?

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!

You may also like

Has Altcoin Season Started With FED Heat? Legendary Analyst Answers

Cryptocurrency analyst il Capo answered the question of whether the altcoin season has started in his statement.

Bitcoinsistemi2024/09/19 21:06

How Much Will Bitcoin Price Be If Trump Wins, How Much If Harris Wins? Standard Chartered Announces Big Bull Forecast

At what price level will Bitcoin, the world's largest cryptocurrency, be after the US elections? Here are analysts' opinions.

Bitcoinsistemi2024/09/19 21:06

Vitalik Buterin’s Wallet is Active Again: Detected in Onchain Data

Another movement was detected in the cryptocurrency wallets of Ethereum founder Vitalik Buterin. Here are the details.

Bitcoinsistemi2024/09/19 21:06