Lukashenko plans to develop a state cryptocurrency

Belarus wants to speed up the launch of its CBDC as the country hopes to avoid US and EU sanctions and allow its firms to trade with international partners.

According to Belarus' Ekonomicheskaya Gazeta, self-proclaimed President Alexander Lukashenko may make a decision on the CBDC in the coming days. Local media reports: «The decision on the introduction of a new form of money is planned to be made after a meeting attended by the head of state.»

Belarusian officials have been studying the possibility of issuing CBDCs for several years. However, in August of this year, the country renewed its intentions to create a digital Belarusian ruble. Recently, the government announced plans to test the currency in «real-world conditions.»

From the very beginning, the National Bank of the Republic of Belarus (NBRB) started talking about cross-border digital BYN credentials. NBRB Deputy Chairman Dmitriy Kalechits called CBDC «the most significant large-scale project.» He also spoke about the possible «use of the coin at the cross-border level.»

It is not yet known how the EU and the US will block the use of digital BYN, but the most likely way will be to put pressure on the largest CEX exchanges, which is already happening with regard to those who do not support the sanctions.

One example is the cryptocurrency exchange Binance and its former CEO Чанпен Чжао" href="https://noworries.news/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao. The founder of Binance pleaded guilty to one count of violating the Bank Secrecy Act. This is due to Binance’s involvement in a global criminal campaign.