Banks of Belarus will start issuing tokens to raise capital
The National Bank of Belarus intends to allow financial institutions to use their own digital assets to attract capital, especially foreign.
Since the regulator has not yet fully studied the potential risks and mechanisms for their control, only 12 banks will be able to take part in the pilot project. To run the experiment, you need a presidential decree.
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In Belarus, there is already a legislative framework for regulating the crypto industry, crowdfunding and stimulating innovations in the sphere of fintech, so now the central bank wants to assess the potential of the country’s banking system in the direction of digital transformation. First of all, the regulator will analyze the ability of financial institutions to raise funds (primarily from non-residents) through the placement of tokens.
Banks will be able to sell their digital assets for foreign currency, but they will be prohibited from working with cryptocurrencies. Participation in the experiment is expected to be limited to ten percent of regulatory capital and will run from 2021 to 2024. During its implementation, the National Bank will be able to establish other features of transactions with tokens.
Recall that recently the central bank of Saudi Arabia began to transfer funds to local banks through the blockchain.