Belarus is one of the places listed as ideal for investing in cryptocurrencies, a theory that is strengthened by the announcement of new financial services by Belarus Bank, the largest and most important commercial bank in the country.
Belarus Bank recently announced the opening of new financial services that allow commercial operations with cryptocurrencies, as the Bitcoin (BTC), Ethereum (ETH) y Litecoin (LTC). Through a Press release, the entity claims to have launched the first legal service for the exchange of cryptocurrencies in Belarus, which has been available since November 13 thanks to its partnership with the cryptocurrency exchange services company OTC WhiteBird. The entity also announced that cryptocurrency purchasing services are available through Visa bank cards issued by the nation together with Russia, considering that both countries maintain a close relationship in their financial systems. Thus, citizens of the country and Russia can begin to buy and sell cryptocurrencies legally and safely through their Visa payment cards.
With this announcement, Belarus Bank becomes the first state bank in Belarus to provide financial services with cryptocurrencies, despite the fact that the nation is considered a paradise for the development of the industry that has been promoting transactions and the exchange of cryptocurrencies for conventional currencies in a legal manner for years.
It may interest you: Strategic Plan 2024 of the Bank of Spain includes development of CBDC and digital transformation of the financial system
Cryptocurrencies at the heart of digital transformation
The bank's recent announcement is in line with the development and digital transformation plans that the country has drawn up since 2018, where the provision of services with cryptocurrencies plays a fundamental role. This was stated by the president of the bank's Board, Viktor Ananich, Stating that Digitalization is one of the top priorities of Belarus Bank to stay at the forefront of digital transformation and new services within the financial system.
Belarus Bank has been a partner of the WhiteBird platform since 2018. It offers cryptocurrency exchange services under the legal framework of Decree No. 8 on the Development of the Digital Economy in the country. Currently, WhiteBird is the first and only legal cryptocurrency exchange operator in the Commonwealth of Independent States (CIS) countries, as well as other nations such as Georgia and Ukraine, as stated in the statement.
At the moment, citizens of Belarus and Russia can already start exchanging cryptocurrencies for Belarusian and Russian rubles, while the entity plans to expand its services to a wider list of countries in order to allow the exchange of cryptocurrencies for other currencies, such as US dollars and euros. Citizens carry out their exchange operations in a directly and without intermediaries, thanks to the digital infrastructure provided by WhiteBird.
Future development plans
The head of the digital transformation department of Belarus Bank, Viktor Bezrukov, stated that the entity will not stop until it achieves the integration of many more financial projects in the crypto industry, which allow the unification of the traditional economy with new and innovative financial technologies.
“We are not going to stop there.”
The digital transformation of the financial system at a global level is a topic that we have been reporting regularly through this medium. For example, recently the Senate of Spain approved a bill for the digital transformation of the financial industry, which includes a regulatory sandbox for the implementation of new projects in a safe and guaranteed manner. Likewise, the Qatar Financial Centre Regulatory Authority (QFCRA) is embracing new technologies to optimize its services, striving to accelerate its journey towards digital transformation.
Belarus, a friendly ecosystem for the crypto industry
Belarus is one of the nations that promotes and maintains one of the most friendly approaches to the healthy growth and development of the crypto industry. Since 2017, the country legalized the use of cryptocurrencies within commercial operations, in addition to allowing the participation of its citizens within Initial Coin Offerings, also known as ICOAnd today, Bitcoin, for example, has become a key instrument that enables the rapid, timely and efficient delivery of social aid by the government to thousands of citizens in the country.
Continue reading: Government agencies will sell confiscated cryptocurrencies thanks to new Chainalysis service
