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National Bank of Belarus creates blockchain-based information network

17 July 2017 21:00, UTC

A new blockchain-based information network is created in order to help the National Bank of t Belarus to resolve a wide range of current and future issues; Belorussian web portal TUT.BY has informed about implementation of such innovation with reference to the National Bank of Belarus.

A pioneer of blockchain introduction into day-to-day activities will be the banking system of the country. The administrator of the blockchain network will be the Settlement Center of the National Bank of Belarus while the owner of certifying node can be any bank or a nonbanking lending and financial institution. Members of the Node Council will have equal rights.

The first example of blockchain practical application in the banking is the transfer of banking guarantee data and the guarantee itself. According to the National Bank of the country, this innovation mechanism of banking guarantee ledger maintenance will facilitate joint access of EEU members to state procurement procedures for goods, work and services.

It is planned that introduction of a blockchain technology on the securities market will be the next stage in order to improve stock market development and its transparency. Cryptocurrency transactions on the state level have not been planned yet in the Republic of Belarus. However, country’s National Bank has mentioned in its address that there are no conceptual limitations for blockchain application in the sphere of IT.