Belarus banking system plans to use blockchain

Belarus banking system plans to use blockchain

Pavel Kallaur, chairman of the board of the National Bank of Belarus, gave an interview to the program "Week" on the CTV Channel. In particular, he spoke about the blockchain technology that the Belarusian banking system is going to use.

Pavel Kallaur, chairman of the National Bank of the Republic of Belarus:
We are not only ready to perceive innovations, but we are already testing some technologies. In any case, there are two projects in the banking system that are based on the blockchain technology. Of course, these are experimental projects. And we believe that in 2018 we will try not only to use blockchain but also work out a project using smart contracts. 

MORE: Belarus first in the world to introduce smart contracts into law

Together, in aggregate, breakthrough technologies allow saving corresponding costs of all participants of the process.

The most curious results could be achieved in the field of products that are used in trade finance. Belarus began to implement blockchain in the banking community. Of course, we will start some other projects too. They will affect other institutions.

If you already use the terminology of the blockbuster, the NODs are participants in the chain - they will grow, there will be more and more of them. We have, incidentally, created a council of the nodes, which is headed by the Belarusian Currency and Stock Exchange. Naturally, everyone who is interested will be participants of this technology.

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