Information statement

The procedures for carrying out transactions by dint of smart contracts has been determined in the Republic of Belarus

The procedures for conducting and (or) executing transactions or other legally significant actions in the implementation of banking, as well as other financial transactions through smart contracts are determined in Belarus. A corresponding decision was taken in line with Resolution of the Board of the National Bank No. 428 dated December 24, 2020, which enters into force after official publication.

The adopted resolution regulates the process of carrying out and (or) executing transactions using smart contracts, establishes general requirements for owners of smart systems, defines the procedure for providing confirmation of the execution and (or) conduct of transactions by dint of smart contracts.

Early in the Republic of Belarus the right to make and (or) execute transactions through a smart contract was granted to the residents of the High-Tech Park as part of a legal experiment (Decree of the President of the Republic of Belarus "On Developing Digital Economy" No. 8 dated December 21, 2017).

In accordance with Edict of the President of the Republic of Belarus "On Digital Banking Technologies" No. 148 dated April 18, 2019 the National Bank and participants of the interbank identification system were vested with the right to perform or execute transactions and other legally significant actions using a smart contract.

The use of smart contracts in the banking sphere will expand the possibilities of remote customer service, increase competition in the financial market, make it possible to enhance the operational efficiency of credit institutions, as well as reduce their costs, including temporary ones.