Belarus, Russia discuss digital currency, prevention of financial cybercrime

Wołłowicz Palace in Svyatsk is the venue of the expanded 63rd meeting of the Interbank Currency Council of the National Bank of the Republic of Belarus and the Central Bank of the Russian Federation. The delegations are led by Chairman of the Board of the National Bank of Belarus Roman Golovchenko and Governor of the Central Bank of Russia Elvira Nabiullina.

“Given the pace of digital technology development, I am glad that we will be able to exchange views on digital currencies and digital financial assets and to discuss the current state and coordination of measures to combat cybercrime in the financial sector. The most pressing issue is combating fraud,” Roman Golovchenko said.

He noted that pressing issues in the banking and financial sectors had been put forward for discussion. The agenda is quite packed, covering both traditional matters and the key trends and challenges facing the banking systems of the two countries.

“There are many issues. I propose that we examine each of them thoroughly and adopt the necessary decisions,” Roman Golovchenko said.

Elvira Nabiullina noted that the parties are set to exchange views on the current state of the economies and their prospects. “This is important, given how interconnected the economies of our countries are,” she said.

The governor of the Central Bank of Russia drew attention to the importance of such issues as the stability of the banking and financial sectors, the development of new technologies, the use of artificial intelligence, and cooperation in the field of digital financial assets - all of which are relevant for businesses and citizens of both countries.

Regarding the protection of citizens from unlawful actions and fraudulent transactions, she pointed to the recent changes in legislation. “We have gained the experience in applying these measures, and we are ready to share it. We would also be interested to hear about your experience on many issues,” Elvira Nabiullina noted.

“Our enterprises are developing cooperation and trade, investments are growing, and tourism is gaining momentum. Our task is to financially support this integration so that there are no problems with settlements and everything operates at a modern level, smoothly. I believe that what we discuss and decide today will help ensure that businesses and citizens benefit from it,” said the governor of the Central Bank of Russia.