Bank of Belarus to create block chain information network


nnnThe National Bank of the Republic of Belarus announced that it had created a chain-chain information network that would first apply the network to the country’s banking system. In fact, Belarus announced last year to carry out the block chain plan, and now launched this information network confirmed its plan to implement. And the bank also said it would extend the chain-chain technology to other areas and continue to develop new networks.n
nnTranslated by: Inan
nThe National Bank of the Republic of Belarus announced the creation of an information network based on block chain technology that could be used for modern banking and non-banking tasks.n
nThe bank said in its official statement that the first phase of the chain chain network would be used in the country’s banking system. Banks and nonbank financial institutions in the Republic of Belarus will have a certified node for the block chain. The settlement center of the Belarusian central bank will determine the manager of the chain chain network in the banking system.n
nThe bank, through the Council of Nodes, proves that the owner of the node and its members have equal rights – creating a self-regulatory mechanism for the management and development of the Belarusian chain-chain network.n
nAccording to the bank, the first practical use case of the chain chain in the Belarusian banking system is the ability to transfer bank guarantees. According to Article 279 of the Resolution of the National Bank of Belarus (which came into force on 15 July 2017), banks in Belarus will soon be able to take advantage of this opportunity to use block-chain technology on bank-secured information transfers.n
nBanks said the next step is to promote the chain of stock market chain. The Belarusian Currency and Stock Exchange plans to use the technology to maintain securities registrations on stock exchanges and OTC markets.n
nThe bank announced plans to launch two block chain projects in October last year. This includes the registration of bank guarantees and the registration of securities transactions. Earlier this year, Taras Nadolny, the first vice-chairman of the National Bank of Belarus, reaffirmed these plans and said they would use block-chain technology to create a guarantee book.n

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