National Bank of Belarus Builds its Information Network Based on Blockchain

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.

The central bank said that in the first stage Blockchain would be implemented in the country’s banking system. Any bank or non-bank financial institution from the Republic of Belarus may become the owner of the Blockchain network certification node. The settlement center of the central bank will determine the administrator of the Blockchain network in the banking system.

The central bank has created a self-regulatory mechanism for the management and development of the Belarusian network of Blockchain technology using the Council of Nodes (owners who certify the nodes), whose members have equal rights.

According to the National Bank of Belarus, the first case of practical use Blockchain in the banking system of Belarus is the ability to transfer information on the bank guarantee. Belarusian banks will soon be able to take advantage of this opportunity, in accordance with Resolution 279 of the National Bank Board, which entered into force on 15 July 2017 and provides for the inclusion of Blockchain technology in the transfer of information on guarantees banking.

The next step will see the introduction of blockchain technology into the stock market, the bank said. Belarusian Currency and Stock Exchange plans to use technology to keep the stock register on the stock exchange and OTC markets.

Source: NbrbBooktable

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