Despite facing international sanctions, Belarus is forging ahead with its plans to develop a central bank digital currency (CBDC) known as the digital ruble to facilitate cross-border transactions.
The state-owned Center of Bank Technologies officially announced its initiation of the CBDC platform development process in January, actively recruiting backend developers proficient in Hyperledger Fabric and Linux with expertise in creating smart contracts.
Hyperledger fabric chosen as the foundation
Belarus has opted to build its CBDC platform on the open-source Hyperledger Fabric blockchain, as the local newspaper Ekonomicheskaya Gazeta reported. This strategic decision demonstrates the country’s commitment to leveraging blockchain technology in its financial infrastructure.
Hyperledger Fabric, known for its flexibility and scalability, is widely recognized for its suitability in implementing enterprise-level blockchain solutions.
The responsibility for developing Belarus’s CBDC platform lies with the Center of Bank Technologies, a state-owned entity entrusted with the country’s modernization and advancement of banking technologies. With the project officially underway, the Center has commenced recruitment, seeking qualified backend developers to contribute their expertise to this ambitious endeavor.
Recruitment drive for backend developers
The official website of the Center of Bank Technologies prominently features a job opening aimed at attracting backend developers who possess essential skills for CBDC platform development.
The primary qualifications sought include a deep understanding of Hyperledger Fabric, proficiency in Linux, and prior experience in creating smart contracts. This recruitment drive underlines the seriousness with which Belarus is approaching the development of its digital ruble and the importance of assembling a highly skilled team to execute the project successfully.
Despite international sanctions, Belarus’s decision to move forward with the development of a CBDC is driven by its desire to use the digital ruble for cross-border transactions. A CBDC can potentially provide a more efficient and cost-effective means of conducting international trade, circumventing the restrictions imposed by sanctions. The country’s determination to utilize blockchain technology for this purpose reflects its commitment to modernizing its financial infrastructure and expanding its economic reach.
Hyperledger fabric’s attributes
The selection of Hyperledger Fabric as the foundational technology for the CBDC platform offers several advantages. Hyperledger Fabric is known for its modular architecture, which enables customization to suit specific use cases.
It also boasts robust security features, including permissioned networks and private transactions, making it suitable for a CBDC designed for cross-border transactions.
Moreover, Hyperledger Fabric’s scalability ensures that the platform can handle the expected volume of transactions and growth in the future, providing a reliable foundation for Belarus’s digital ruble. Its open-source nature means that Belarus can benefit from a global community of developers and contributors who can enhance the platform’s capabilities over time.
International sanctions and the digital ruble
Belarus’s pursuit of a CBDC amid international sanctions is not without controversy. Critics argue that the country’s actions may exacerbate tensions with other nations and further isolate it globally.
However, proponents of the digital ruble contend that it could facilitate trade with countries not part of the sanctions regime, potentially providing a lifeline to Belarus’s struggling economy.