Russian President Vladimir Putin announced that more than 85% of trade within the Commonwealth of Independent States (CIS) is now conducted in national currencies, highlighting a move toward greater financial independence. This development is part of broader efforts by CIS countries to reduce reliance on foreign economic systems, particularly imports, and to build resilient financial…
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Belarus is at the forefront of financial innovation as it takes significant strides towards introducing its Central Bank Digital Currency (CBDC), the digital Belarusian ruble. In collaboration with the Center for Banking Technologies, the National Bank of Belarus is leveraging the open Hyperledger Fabric blockchain network to develop a robust platform for this digital currency.…
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Source: christophe/Adobe Belarus wants to accelerate the launch of its CBDC as it looks to evade US and EU-led sanctions and let its firms trade with international partners. Per Belarus’ Ekonomicheskaya Gazeta, President Alexander Lukashenko could issue a CBDC-related verdict in the coming days. The media outlet wrote: “A decision on the introduction of a…
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Belarus is set to follow suit with Russia’s CBDC development plans – and plans to launch a digital version of the Belarusian ruble for use in “cross-border” payments. Per Minsk-Novosti and Interfax, the National Bank of the Republic of Belarus (NBRB) has earmarked the launch of CBDC as one of its most “significant” projects of…
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Belarus is set to ban peer-to-peer (P2P) crypto “exchanges” – in a blow to traders operating in the country. In a Telegram post from the Ministry of Internal Affairs, government officials said they were “preparing proposals for legislation” that would “prohibit the exchange of cryptocurrency between individuals in Belarus.” The ministry said that it wants…
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Belarus President Alexander Lukashenko says his country’s response to sanctions is to deepen relations with the BRICS, the Shanghai Cooperation Organization (SCO), and the Association of Southeast Asian Nations (ASEAN). “The creation of a comprehensive economic union remains our priority,” he emphasized. “There should be no barriers and no restrictions at all. This is a…
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Chairman of the Belarusian national bank Pavel Kallaur said a decision on a CBDC would be made “at the level of head of state” after consultations. The National Bank of the Republic of Belarus has prepared a pilot program for a central bank digital currency (CBDC), according to the official BelTA news agency. The country…
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Tax exemptions for companies and individuals legally working with cryptocurrencies in Belarus will remain in place until Jan. 1, 2025. A new presidential decree extends the tax cuts introduced in 2018 when the executive power in Minsk legalized crypto activities such as mining and trading. Belarus to Maintain Its Crypto-Friendly Tax Regime for Another 2…
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Belarus is continuing its bid to woo crypto firms – by extending tax exemptions for token miners and developers until 2025. Per the Belarusian media outlet AFN, President Aleksander Lukashenko this week signed a decree that will allow miners and other crypto business operators to do business in the country without having to pay value-added…
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A Belarusian citizen will have to pay a hefty fine for illegally organizing the exchange of cryptocurrencies online. Law enforcement authorities in the country, where certain crypto activities are legal, do not plan to impose other penalties besides the administrative measure. Cryptocurrency Trader Tries to Challenge Fine in Belarusian Court The Supreme Court of the…
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