Belarusbank Considers Setting Up Crypto Exchange

Belarusbank Considers Setting Up Crypto Exchange

Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the race among Eastern European states. Now the country decided to reaffirm its pioneer status by considering the launch of the crypto exchange, backed by the largest bank in Belarus.

Green Light to Cryptos in Belarus

According to the report by Belarusian information agency BelTA, the country’s most significant bank — Belarusbank — might set up a novel cyber money exchange.

The bank’s chair of the board Viktor Ananich announced that at present the financial institution is examining the opportunities for launching such a platform.

This move can play a crucial role in the adoption of cryptos by Belarus as Belarusbank is its largest bank while being owned by the State Property Committee of Belarus. It is important to emphasize that it’s the largest in accordance with its volume of deposits, loans, equity, as well as assets. In 2017 it reportedly had $13.51 bin in operating assets.

Belarus Becomes Competitive Not Only in Cryptos

As the Belarusbank’s head pointed out, in 2019 the institution is going to focus not only on embracing cryptos but on digitalization in general. In particular, the country’s largest bank is planning to broaden the services of mobile carriers with which it works right now.

Ananich also unveiled that the bank intends to «emit» virtual cards. These are credit cards available rather online than offline. The issuance is expected to take place «in a few months», according to the report.

The key figure in the banking sector of Belarus also said that the entire banking industry should focus on digitalization as the related industry gets developed speedily.

Background

The decree "On the development of the digital economy", signed by the President of Belarus Alexander Lukashenko, came into force in late March 2018. Thus, cryptos were legalized in this country.

The document officially allows purchasing, selling and exchanging virtual money. It also permits individuals to work as crypto platforms operators, exchange service operators or to hold any other position in the field of blockchain or cryptos.

Some days ago, on January 15 the first cyber money trading platform was set up in Belarus. This platform lets customers buy tokenized conventional assets, e.g. shares and gold with virtual currencies.