Belarus National Bank Planning Blockchain Trial with Justice Ministry and Notary Chamber

Speaking at the 14th BankIT'2017 forum in Minsk, Belarus, an official of the National Bank confirmed their plans to use blockchain technology in collaboration with the Justice Ministry and Notary Chamber.

According to BelTA, the National Bank of the Republic of Belarus (NBRB) is planning a blockchain trial in collaboration with the Justice Ministry and the Belarusian Notary Chamber. 

The publication quoted Pavel Zyl, the Deputy Head of the NBRB’s Main Department of the Payment System and Digital Technologies as saying:

“The NBRB, the Justice Ministry, and the Belarusian Notary Chamber are considering issuing notary's writs of execution in electronic format. They also plan to apply blockchain technology in this project.”

Pavel Zyl was speaking on the sidelines of the 14th international forum on banking information technologies BankIT’2017, held in Minsk. The forum, which has been organized since 2004, invites leading experts from fields such as IT, Finance and Management. 

This year, the forum saw over 1,500 participants from around the world and discussions on major topics including fintech and use of blockchain in the financial sector.

Speaking further, Pavel Zyl confirmed that the NBRB has developed a country-wide blockchain network which is used to transfer information. He also added that more functionality is in the works, including an integration with the national stock exchange. 

“The first example of blockchain in practice is an opportunity to provide information about a bank guarantee and issue the guarantee itself. The next step will be the introduction of this technology to the bond market. The Belarusian Currency and Stock Exchange plans to use the network to keep a register of transactions in securities on the stock market and over-the-counter market.”  

Another development announced at the forum was by Andrei Aukhimenya, the head of the Belarusian Currency and Stock Exchange Belarusian (BCSE), regarding the registration of securities transactions using blockchain technology starting November 15 this year.

Interestingly, Belarus’ next-door neighbor, Ukraine, has also been making strides in the adoption of blockchain technology and earlier this month we reported the Ukrainian State Land Cadastre’s decision to move their farmland registry onto the blockchain in order to combat corruption.