On July 19, 2017, the National Bank of the Republic of Belarus (NBRB) announced that it will be implementing blockchain technology into the nation’s securities markets. According to NBRB, blockchain technology can assist with the development of the Belarus stock market by creating improved conditions and transparency.
As the first stage of implementation, the bank has established a blockchain-based information network which allows any bank or non-banking financial institution to become the owner of a verifying node. Management of the network falls to the "Council of Nodes (owners of the verifying nodes), the members of which have equal rights," while the Settlement Center of the National Bank has been designated as the administrative body.
As per the NBRB:
“It is planned, that the next stage will be implementation of the blockchain technology in the securities market. The JSC ‘Belarusian Currency and Stock Exchange’ is planning to use blockchain for the purpose of maintaining the register of transactions involving securities in the stock and OTC markets.”
The National Bank states that its first example of practical use of the blockchain network in the Belarusian banking system involves the transfer of issued bank guarantees which may align with the Resolution of the Board of the National Bank No. 279, which went into effect on July 15, 2017, and provides inclusion of blockchain technology as a means for transferring bank guarantees.
The NBRB highlighted that its blockchain network does not currently involve virtual currency transactions, but argues there are no “conceptual restrictions as to the areas of the blockchain use in the IT sphere.” The bank hopes to eventually incorporate executable distributed code contracts and expand support to a number of additional operations.
“Over the longer term this technology may be used in the banking sphere as well as beyond it to tackle any other tasks, including, for example, organization of work with ‘smart’ contracts. Under the conditions of availability of legislative environment, the information verified within the blockchain network may be further used in different kinds of activities requiring provision of information: in business, records management, medicine, legal support, and many other spheres.”