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The National Bank of Belarus has announced the creation of an information network based on blockchain technology, which could be used for modern banking and non-banking tasks.
In its official release, the central bank said that in the first stage, the blockchain network will be implemented in the country’s banking system. Any bank or non-bank financial institution of the Republic of Belarus can become the owner of the certifying node of the blockchain network. The central bank’s settlement center will determine the administrator of the blockchain network in the banking system, as translated by Booktable.
The central bank has created a self-regulatory mechanism for the management and development of the Belarusian blockchain network using Council of Nodes (owners certifying nodes), whose members have equal rights.
According to the National Bank of Belarus, the first practical blockchain use case in the Belarusian bank system is the ability to transfer information about bank guarantee. Belarusian banks will soon be able to take advantage of this opportunity, in accordance with the Resolution of the Board of the National Bank of Belarus, number 279, which has taken effect on 15 July 2017 and provides for the inclusion of blockchain technology in transferring information on bank guarantees.
The next step will see the introduction of the blockchain technology in the securities market, the bank said. Belarusian Currency and Stock Exchange plans to use the technology for maintaining securities register on the stock exchange and OTC markets.
The central bank revealed its plans about launching two blockchain projects last October. This included the development of a registry of bank guarantees and registry of securities transactions. Earlier this year, the first deputy of the Belarusian National Bank’s board Taras Nadolny reiterated the plans saying the bank will use blockchain technology to create a security bonds ledger.
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