According to the latest available information, on June 10, the Central Bank of Belarus decided to allow twelve commercial and state-owned banks distribution of digital tokens.
Banks will be able to carry out these activities through a future pilot program and on the basis of a decree on the development of the digital economy. The new framework creates the necessary conditions and authorizations for the issuance of digital tokens and coins throughout Belarus.
The pilot program will begin on January 1, 2021 and end on January 1, 2024
For now, the Belarusian-Swiss Bank, BTA Bank and the National Bank of the Republic of Belarus (the largest bank in the country) have already expressed interest in the bank’s pilot program.
This program is fully supported by the Hi-Tech Park, which is an important free trade zone for blockchain and cryptocurrencies, based in the capital city Minsk.
Participating banks will be able to obtain funds for the issuance of Belarusian digital tokens from domestic companies as well as individuals under specified conditions. However, the bank’s investments may not exceed 10% of its total capital. Subsequently, only companies and individuals registered in the Hi-Tech Park will be able to make transactions and use tokens.
Belarus took a big step already in 2017, when in December the President of Belarus signed a “decree on the development of the digital economy” aimed at the development of information technology in the country.
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