REGULATORY SPECIFICITIES OF THE NATIONAL BANK OF BELARUS IN THE IMPLEMENTATION OF MODERN DIGITAL BANKING TECHNOLOGIES

Abstract

The rapid transformation of the financial environment—where the boundaries between traditional banking and fintech ecosystems are becoming increasingly blurred—poses a nontrivial challenge for national regulators: how to foster technological innovation without undermining macro-financial stability. In the context of a small open economy such as the Republic of Belarus, this challenge becomes particularly acute, giving rise to a fundamental contradiction between the need for rapid adaptation to innovations and the imperative of maintaining strict state control over critical infrastructure. The purpose of this study is to identify the specific features of the Belarusian regulatory model governing digital banking technologies and to assess its institutional design and effectiveness. Departing from a purely legalistic interpretation of regulatory norms, the article examines the activities of the National Bank of the Republic of Belarus through the lens of “infrastructural sovereignty,” in which the regulator acts not merely as an arbiter but as the principal architect of the digital financial environment. The author concludes that the hierarchical model established in Belarus—combining centralized development of core digital platforms with market-based competition among service-layer solutions—has demonstrated its viability, as evidenced by a significant increase in the share of cashless payments. The author’s contribution lies in the systematization of fragmented regulatory practices and statistical data, which enables the formulation of practical recommendations for the introduction of a digital Belarusian ruble and the expansion of open APIs (Application Programming Interface) required for the next stage of digitalization. The findings are of interest to banking supervision experts and specialists in the financial markets of the EAEU (Eurasian Economic Union).