Belarus National Bank rules out settlements in cryptocurrencies

Belarus National Bank rules out settlements in cryptocurrencies

Payments in crypto-currencies for goods, works and services on the territory of Belarus is not being discussed in principle, said Chairman of the Board of the National Bank Pavel Kallaur on October 18.

Mr Kallaur noted that other matters of legal regulation of the use of crypto currencies by financial institutions, enterprises and people are being considered by state bodies and the expert community.

At the same time the head of the National Bank noted that the use of blockchain technology has become reality for the Belarusian banking system.

It makes it possible to rationalize and make more secure operations with information registers.

"Customers and banks benefit from simplification of procedures thanks to lower operating costs. The first experience of practical use of blockchain in the banking system of Belarus is connected with the transferring of information about the issued bank guarantee and directly the bank guarantee itself," Kallaur added.

According to him, it is planned to introduce blockchain technology on the Belarusian stock market to form a register of operations with securities.

"Thus, the banking system of Belarus starts to actively exporting technological innovations to other markets and sectors of the economy," said the Chairman of the National Bank.