Belarusian Ruble
Networks
Supported exchanges
About the coin
The Belarusian Ruble (BYN) is the official currency of the Republic of Belarus. It was introduced on July 1, 2016, as part of a currency redenomination that replaced the previous Belarusian Ruble (BYR) at a ratio of 10:1.
The symbol for the Belarusian Ruble is BYN, and its ISO 4217 code is BYN. This currency is managed by the National Bank of the Republic of Belarus.
Unlike many cryptocurrencies, the Belarusian Ruble is a fiat currency. This means its value is backed by the government that issued it, rather than by a commodity like gold or by market forces alone. Its value is determined by the economic policies and stability of Belarus.
The Belarusian Ruble operates on the 'FIAT' chain, as indicated by its listing. This signifies its nature as a traditional, government-issued currency. The 'native' type suggests it is the primary form of this currency within its system.
The decimal places for the Belarusian Ruble are set at 8. This is a technical specification related to its digital representation, allowing for a high degree of precision in transactions, even though its physical denominations are typically in larger units.
The Belarusian Ruble does not adhere to specific 'token standards' like ERC-20 or BEP-20, which are common in the blockchain and cryptocurrency space. This is consistent with its status as a fiat currency, which does not inherently utilize such standards.
The Belarusian Ruble is currently active, meaning it is in circulation and functioning as the legal tender of Belarus. This status indicates ongoing economic activity and official recognition.
As a fiat currency, the BYN is not designed as a stablecoin. Stablecoins are cryptocurrencies that aim to maintain a stable value relative to a specific asset, such as a fiat currency or a commodity. The Belarusian Ruble's value fluctuates based on economic factors within Belarus.
The concept of a 'contract address' is not applicable to the Belarusian Ruble in the same way it is for cryptocurrencies operating on blockchain networks. Fiat currencies do not have smart contracts governing their supply or transfer on a distributed ledger.
The Belarusian Ruble plays a crucial role in the daily economic life of Belarus, facilitating trade, savings, and investments within the country.
Understanding the BYN involves recognizing its classification as a fiat currency, its operational chain as 'FIAT', and its active status within the Belarusian economy.
Its digital representation, with 8 decimal places, allows for granular financial accounting.
The absence of token standards and contract addresses highlights the fundamental difference between traditional currencies and digital assets.
The Belarusian Ruble's journey from its redenomination in 2016 to its current active status reflects the ongoing economic developments in Belarus.
Trust & methodology
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