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20 Oct 2017

Belarus’ central bank, Justice Ministry looking into joint blockchain project

MINSK, 20 October (BelTA) – The National Bank of the Republic of Belarus (NBRB) intends to carry out a project using blockchain technology together with the Justice Ministry, Pavel Zyl, Deputy Head of the NBRB Main Department for the Payment System and Digital Technologies, told BelTA on the sidelines of the 14th international forum on banking information technologies BankIT’2017.

“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 underlined.

The NBRB representative recalled that the bank had already set up a blockchain-based network in Belarus, which can be used to address a wide range of prospective tasks. “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,” Pavel Zyl said.

During the forum, head of the Currency and Stock Exchange Andrei Aukhimenya announced the launch of the project: the register of transactions in securities will be maintained with the help of blockchain technology as from 15 November.

The 14th international forum on banking information technologies BankIT’2017 is taking place in Minsk on 18-20 October. The forum has gathered more than 1,500 executives and experts in finance, IT and management from over ten countries. The program of the forum will include 14 breakout sessions, including discussions featuring more than 60 speakers. A major block of topics comprises modern requirements to IT banking platforms, data management, digital cooperation with clients, and the use of the block chain technology in the banking sector.

BankIT is the only specialized event in Eastern Europe that bring together top managers of banks, IT companies and other business sectors, and also representatives of state stakeholders and experts in IT development. Since 2004, the forum’s participants have been successfully interacting in addressing top-priority tasks, effectively using the opportunities provided by the forum’s organizers. The number of BankIT participants has been growing every year. In 2011, the event was visited by over 820 managers and experts finance, IT, and management. This number exceeded 1,400 in 2016.

 

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