Belarus’ Largest Bank, Belarusbank, Is Launching Crypto Exchange Service
Belarusbank, the largest bank of Belarus, is the latest one to announce that it will provide its customers the opportunity to buy and sell cryptocurrencies using Visa payment cards.
According to a recent report, the crypto trading service will be allowed against the fiat currencies, including the Belarusian ruble, the euro, and the US dollar.
This latest crypto trading service is in line with the bank’s digital transformation program announced a few years ago. The state actually has a 99.5% share in the bank, which was founded in 1991.
For now, the service will be available to the residents of Belarus and Russia with plans to extend the list of countries supported, along with the list of cryptocurrencies available and additional services, the report notes.
This has been made possible with Belarusank’s partnership with local crypto patent operator Whitebird. Whitebird is the first and only legal cryptocurrency exchange operator in the CIS countries and is a high-tech park resident.
In 2018, both the companies partnered to join the cryptocurrency industry, and they plan to set up a crypto exchange that was initially announced in early 2019.
The country’s crypto-friendly regulation encourages the development of crypto businesses in Belarus, with President Alexander Lukashenko signing a draft decree in 2017 to legalize the use of digital currencies.