Amid a significant tumult in the global economic system, cryptocurrencies and discussions and deliberations regarding this among leaders of different countries reached a new high.
A recent move by Belarus further strengthens the confidence in the crypto ecosystem and its increased use in the future. According to the chairman of Belarusian National Bank Pavel Kallaur, the nation is planning to issue CBDC by the year’s end. He further added that issuance and utilization will require a meeting at the level of the head of the state.
Belarus becomes the second country after Russia to announce plans to use cryptocurrency for business purposes and trade settlements. It is important to note here that both Russia and Belarus have a strong multilateral relationship involving significant trade partnerships.
As per BeITA, the official Belarusian news agency, the bank is preparing a pilot project and is going to take key decisions by the year’s end. It further added that the chairman Kallaur mentioned that establishing CBDC on grounds the bank requires a series of reforms involving changes in the civil code, changes in banking and tax code and crucial changes in the National budget.
Chairman Kallaur called CBDC the third form of money which will be similar to non-cash available offline as well as online. He mentioned the use of CBDC for cross-border payments.
A few months back a decree was signed by President Alexander Lukashenko named “On the register of virtual wallet address and circulation of cryptocurrencies.” affirming the country’s legitimate support for the free circulation of cryptocurrencies.
The document provides a legal basis for Belarus Hi-Tech Park to establish and manage a register of crypto wallet addresses used in illegal activities. The decree document specifically details the process and standards for seizing cryptocurrency from criminals by the government.
The decree intends to protect crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
The decree intends to protect crypto investors from potential losses and to “prevent unintentional involvement in activities prohibited by law.”
It is important to note here India also launched a pilot project in a few cities including Delhi, Mumbai and Bengaluru. The Reserve Bank of India announced CBDC which is a central bank digital currency launched in line with the country’s monetary policy and financial stability and can play a worthy role here. Thus, this announcement probably has a notable impact on the crypto ecosystem across the globe.
