According to reports, Belarusian President Alexander Lukashenko has urged the country's banks to expand the use of cryptocurrency and acknowledged that sanctions have significantly impacted the economy.
The state-owned Belarusian news agency reported on Tuesday that Lukashenko stated during a meeting with the heads of the Belarusian central bank and commercial banks that the use of cryptocurrency should be expanded.
"In the past five years, the national economy and the Belarusian banking sector have faced unprecedented challenges," Lukashenko said. "The government and the national bank have received relevant instructions. Now, we must act immediately."
Last Friday, Lukashenko called on lawmakers to establish transparent rules for the domestic cryptocurrency market. This initiative is being launched on that basis. The Belarusian economy has been affected by comprehensive sanctions from the EU and the US due to its support for Russia's invasion of Ukraine, leading to a decrease in exports.
Due to their anonymity and decentralized nature, cryptocurrencies have been used by some countries, including Russia and North Korea, to evade sanctions and conduct trade settlements.
According to data platform Statista, the total number of cryptocurrency users in Belarus is expected to exceed 855,000 by 2026, with a user penetration rate projected to rise to 9.57% among a population of 9.1 million.
Lukashenko stated that exchanges operating in Belarus, such as Binance, OKX, and KuCoin, are expected to double their cross-border payment volumes by the end of this year.
"Currently, cryptocurrency-based transactions are more active than ever, and their role in the payment sector is increasingly important," he said.
Last September, Lukashenko signed a law prohibiting individuals from buying and selling cryptocurrency outside of Belarusian exchanges.
In addition to the application of cryptocurrency, Lukashenko also emphasized the development of digital payment systems. He urged banking leaders to accelerate the promotion of digital payment systems, planning to launch an instant payment system by the end of the year, starting with QR codes.
The Belarusian VTB Bank, controlled by Russian capital, has already provided customers with QR code payment services directly connected to the online payment system ERIP.
Lukashenko stated that the national digital strategy should prioritize the adoption of biometric technology, establish dedicated IT companies to reduce reliance on external services, and integrate AI-based solutions.
He added, "Banks should fully utilize modern technology. Digitalization is not the goal; it is meant to bring practical economic results."
Belarus's previous policy on cryptocurrency has been somewhat complex. In March of this year, Lukashenko instructed the energy minister to initiate the country's cryptocurrency mining industry due to an excess of domestic electricity.
In the summer of 2023, Belarusian authorities pushed to ban peer-to-peer cryptocurrency trading, such as Bitcoin (BTC).
However, the country legalized cryptocurrency trading in 2018, allowing buying, selling, exchanging, and mining.
Related: The US Congress requests the Treasury Department to report on strategic Bitcoin (BTC) reserve details.
Original article: “Belarus President Urges Banks to Expand Crypto Use as Sanctions Bite”
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