Belarusian President, Alexander Lukashenko, has directed banking institutions within the nation to broaden their scope regarding cryptocurrencies and modern financial instruments.
During a recent meeting involving representatives from both the central bank and various commercial banks, Lukashenko emphasized that the adoption of cutting-edge technologies, specifically including cryptocurrencies, is now a mandatory practice.
According to a report released by the Belarusian Telegraph Agency, Lukashenko strongly advised financial organizations to expedite the integration of digital assets to facilitate international transactions.
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Highlighting the nation’s recent economic difficulties over the last half-decade, he stated that banks must “take action” to guarantee the uninterrupted operation of financial services amidst challenging circumstances.
Cryptocurrency transactions are experiencing growth within Belarus, with external payments surpassing $1.7 billion made through exchanges during the initial seven months. Lukashenko projected that this figure could potentially rise to $3 billion by the conclusion of 2025.
$1.04B
are still functioning within the country and are projected to experience elevated volumes.
Furthermore, Lukashenko proposed the expanded implementation of services utilizing QR codes and advocated for the introduction of a real-time payment infrastructure before the year’s end.
VTB Bank Belarus, for example, currently enables QR-based payments connected to the country’s ERIP platform, presenting users with a digital option for standard transactions.
Lukashenko also detailed strategic objectives for the financial sector, like deploying biometric identification systems, leveraging artificial intelligence (AI) for increased operational effectiveness, and establishing a domestic IT company to diminish reliance on external technology suppliers.
US financial regulators recently issued guidance on allowing licensed exchanges to offer spot crypto trading. Discover the details: Read the full story.