Crypto Exchange Platform Planned By Belarus’ Largest Bank

News | January 29, 2019 By:

Belarusbank, the largest bank in Belarus, is considering launching a crypto exchange platform in the country.

Local news agency BelTA reported that Viktor Ananich, the Chairman of the Board of Belarusbank, told the Belarus 1 TV channel that digitalization will be one of the areas of focus for the bank this year and that efforts are now being made to explore the possibility of setting up a cryptocurrency exchange platform.

“We are considering a possibility to establish a cryptocurrency exchange,” Ananich said. “We are working on it.”

In addition to a crypto exchange platform, Belarusbank is also looking into expanding its range of services by working with mobile service providers. Specifically, the bank is planning to issue virtual cards in a few months.

“Digitalization-related projects will be virtually exclusive in nature,” Ananich said. “However, at present things are changing very fast and we need to keep up with them.”

Last year, Belarus President Aleksandr Lukashenko signed a decree, titled “On the Development of Digital Economy,” which creates a legal framework for cryptocurrencies, initial coin offerings (ICO), and smart contracts in Belarus. Under the framework, residents of High-Tech Park (HTP), the only place in Belarus where enterprises and investors receive tax benefits, are allowed to legally provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, and use cryptocurrencies and tokens in civil circulation.