Individuals will be able to open digital accounts in digital Belarusian rubles on a declaratory basis, said Aleksei Raiko, a member of the Standing Commission on Budget and Finance of the House of Representatives, in a video released by the press service of the House of Representatives, BelTA reports.
“If an ordinary citizen decides to open a digital account, for instance to make payments more conveniently in digital rubles, they can do so on a declaratory basis. If an individual sees no need to use the digital Belarusian ruble, they are free to refrain,” explained Aleksei Raiko.
He clarified that the procedure would be the same as for non‑cash payments. When a person finds it more convenient to use a plastic card for transactions, they obtain one and use it accordingly.
The MP emphasized that the draft law imposes no restrictions on the use of other forms of the Belarusian ruble and no obligation on citizens to open a digital account.
He also noted that the digital Belarusian ruble will have a nominal value equal to one cash or non‑cash Belarusian ruble. The proposed amendments to legislation, set out in the draft law “On Amending Laws on the Digital Belarusian Ruble”, do not remove cash from circulation.
“For those people who worry that cash might disappear, let me reassure them: cash will remain,” said Aleksei Raiko.
The MP added that Belarus is still in the early stages of introducing the digital Belarusian ruble, with the current focus on preparing the legal framework. “At this point, we are building the legal foundation for its introduction. Failing to do so would be a mistake. We would lose valuable time,” he stated.
The digital Belarusian ruble is expected to be introduced for cross‑border payments, including within the Eurasian Economic Union. Russia plans to begin introducing the digital ruble in September, while China already has a functioning digital yuan. “Therefore, our national monetary system must keep pace with modern trends,” the MP concluded.
As previously reported, the draft law “On Amending Laws on the Digital Belarusian Ruble” was adopted by deputies in its first reading on 24 March. The draft law includes provisions that define the legal nature of the digital Belarusian ruble as a new (additional) form of non‑cash money. Unlike the existing form, this new form is recorded not in bank accounts but in digital accounts held at the National Bank.
