“Interaction of digital currency platforms of central banks will increase the availability of cross-border payments with counterparties from partner countries through their integration, which is especially relevant in the conditions of sanctions pressure on the economies of Russia and Belarus, as well as restricted access to international payment systems,” he assures.
Kalechitsa argues that the digital Belarusian ruble offers “a number of advantages for the population, businesses, banks and the state”. The report does not specify what benefits the digital version of the Belarusian ruble will offer to the local population.
Russia recently passed a law on introducing the digital ruble into the banking system. The Central Bank of the Russian Federation, which is assigned the status of the CBDC platform operator, now has the right to refuse any commercial bank to conduct a transaction. Several large banks have recently announced that they are willing to test real-world transactions with CBDC.
Meanwhile, more than 65% of Russian companies said they see no benefits of the digital ruble for their business.