National Bank of Belarus wants to involve banks in cryptotoken issuing
According to the draft decree, financial institutions will be able to issue tokens and conduct their initial proposals to attract funding in national and foreign currency.
Also banks will be allowed to purchase tokens of third parties, including tokens of other banks and operators of cryptographic platforms.
Transactions can be carried out by financial institutions only through the intermediary of residents of the High Technology Park (HTP), which has a special legal regime. These include the stock exchanges Currency.com, iExchange and Free2ex.com, as well as the investment platform Finstore.by.
All responsibility for the implementation of laws and proper identification of token owners in transactions will rest on the shoulders of companies described above..
The initiative will involve 12 banks: Belarusbank, Belagroprombank, Bank Dabrabyt, Paritetbank, BPS-Sberbank, Belgazprombank, Bank BelVEB, BTA Bank, BSB Bank, Bank Solution, RRB-Bank, and Belarusian People's Bank.
Due to potential risks, the amount of funds provided and raised will be limited to up to 10% of banks' regulatory capital.
The experiment is proposed to be conducted from 1 January 2021 to 1 January 2024. The results will be presented to the President of Belarus until March 1, 2024.
Now the draft decree has been sent for approval to government agencies and financial institutions.