Blockchain for Belarus

Blockchain for Belarus

National Bank of the Republic of Belarus, the country’s central bank, says it has created an information network based on blockchain technology, “which may be used to tackle a wide range of modern and promising banking and non-banking tasks”.

The first stage saw the blockchain network implemented within the country’s banking system. “Any bank or a non-bank financial institution may become the owner of the verifying node of the blockchain network,” National Bank says.

It continues: “On the whole, a self-adjusting mechanism of management and development of the Belarusian segment of the blockchain network, involving the Council of Nodes (owners of the verifying nodes), the members of which have equal rights, was built.”

The Settlement Centre of the National Bank is the network’s administrator.

The central bank says the first practical application of the new system was “the transfer of the information on the issued bank guarantee and the banking guarantee itself”.

“The new mechanism of maintenance of the register of bank guarantees will ensure the mutual access of the economic entities of the states being members of the Eurasian Economic Union to the procedures of the government procurements of goods (works, services).”

In the next stage, blockchain technology will be applied to the securities market. The Belarusian Currency and Stock Exchange will use blockchain for maintaining the register of securities transactions on stock and OTC markets.

At present, the use of the blockchain network in Belarus does not involve transactions with virtual currencies, National Bank says. At the same time, it points out “there are no any conceptual restrictions as to the areas of the blockchain use in the IT sphere”.