Belarus is making strides in introducing its central bank digital currency (CBDC), the digital ruble, with plans for full circulation by the latter half of 2026. National Bank Chairman Roman Golovchenko emphasized the importance of security and traceability of funds in developing the digital ruble, which will allow the state to monitor the movement of digital assets within the financial system. The roadmap for the digital ruble includes designing the platform architecture, developing proprietary software, and establishing a regulatory framework for its operation.
The rollout of the digital ruble is expected to begin with businesses in 2026, followed by government entities and the general public in 2027. Belarus aims for the digital ruble to play a significant role in cross-border payments, collaborating closely with Russia, which is also pursuing its own CBDC initiative. The Belarusian Center for Banking Technologies has selected the Hyperledger Fabric blockchain as the foundation for the digital ruble platform, focusing initially on core functionality with plans to expand into a broader range of financial services.
Belarus’s move towards a digital ruble is driven by the need to adapt to the increasing adoption of cryptocurrencies and mitigate the impact of international sanctions. By introducing a CBDC, countries like Belarus and Russia can 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.
Despite delays in Russia’s digital ruble rollout, Belarus remains committed to digital innovation and has implemented a comprehensive legal framework for cryptocurrencies since 2018. This framework has streamlined accounting standards and facilitated crypto transactions for businesses, positioning Belarus as one of the more progressive nations in the region regarding digital assets. As Belarus continues to advance its CBDC initiative, it is likely to further strengthen its position in the digital currency space and enhance its financial infrastructure.
