The digital Belarusian ruble will be used to finance the construction of dairy farms through the Development Bank. Smart contract mechanisms will make it possible to set clear rules for the use of funds. This was stated in the House of Representatives by First Deputy Chairman of the National Bank Aliaksandr Yahorau.
“For example, the case we are currently considering for a pilot project with the Development Bank of the Republic of Belarus concerns the allocation of credit resources for the construction of dairy farms. It is obvious that the funds allocated for dairy farms must be used for their intended purpose. And just as importantly, we must ensure that the construction of these farms is carried out exclusively using Belarusian resources. What do I mean? Without the use of imported equipment, for example. We have the ability on the platform to impose restrictions so that the funds — digital Belarusian rubles — allocated for this specific purpose cannot be transferred to certain legal entities acting, for example, as intermediaries. Secondly, we can impose restrictions on the purchase of foreign currency using these funds. That is, these funds can only be used for construction and installation work by Belarusian companies, for the purchase of Belarusian equipment, and so on. And ultimately, the withdrawal of these funds from the digital Belarusian ruble system is possible through only one channel — the payment of wages by the enterprises involved in the construction of these farms,” Yahorau explained.
According to him, it will also potentially simplify document management.
“A smart contract will make it possible to create rules under which, once a delivery note is signed by two legal entities, funds are automatically debited from the buyer’s account and credited to the supplier’s account. Or they may agree on a deferred payment of 30 days. It is often difficult to track when those 30 days expire. Here, however, a clear rule is set so that exactly 30 days after the completion of the transaction, funds are transferred from the buyer’s digital account to the supplier’s digital account,” he said.
