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23 Oct 2018

Belarusian banks promised ability to sign smart contracts

Belarusian banks promised ability to sign smart contracts

MINSK, 23 October (BelTA) – Belarus’ central bank is working to allow Belarusian banks to sign smart contracts. Belarus president decree No.478 on digital banking technologies will have to be amended to make it possible, BelTA learned from Deputy Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Dmitry Kalechits during the international forum on information technologies in banking BankIT 2018 on 23 October.

According to the source, the Entrepreneurship Development Ordinance allows companies residing in the Hi-Tech Park to sign smart contracts. “We believe it would be important to allow banks to sign smart contracts considering the innovative nature of the domestic banking industry and the central bank’s involvement in the assimilation of technological innovations,” noted Dmitry Kalechits.

The amendments to the presidential decree on digital banking technologies will also expand the list of organizations, which can use the interbank user identification system. Not only banks and non-banking credit and finance institutions will be able to use the system but also a number of other organizations, which offer financial services such as insurance companies, leasing companies, and other kinds.

Apart from that, plans have been made to amend the decree to allow remote video identification using biometric data. According to Dmitry Kalechits, a pilot project featuring face and voice recognition is being prepared in Belarus. Once the decree is amended, the legal base for implementing the project will be available.

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