Cryptocurrency transactions in Belarus are at a record high

Crypto transactions are now “more active than ever,” and Belarusians are spending billions of U.S. dollars’ worth of cryptocurrency abroad, their president has admitted.

Alexander Lukashenko made the remarks in front of his country’s leading bankers, mere days after urging officials to catch up with the industry in terms of adopting adequate rules.

Lukashenko notes record levels of crypto transactions in Belarus

Belarus’s long-term leader seems fascinated with cryptocurrencies lately and has revisited the topic shortly after calling on his government to provide the sector with proper regulations.

On Tuesday, he raised the issue again, during a meeting with the management of the National Bank of the Republic of Belarus (NBRB) and the heads of commercial banks.

The president tasked those present to expand the scope of application of digital tokens, as cryptocurrencies are legally defined in the Belarusian law.

He did that while also making clear that this is among the most important areas when it comes to the digital development of the nation’s economy.

“Today, cryptocurrency-based transactions are more active than ever, and their role in facilitating payments is growing,” Alexander Lukashenko pointed out.

Quoted by the official news agency BelTA, he also revealed:

“According to expert estimates, it may reach $3 billion by the end of the year,” the Belarusian head of state noted while addressing his audience of banking executives.

A market of this magnitude requires transparency, effective regulation, and reasonable control, Lukashenko emphasized, echoing his statements from the earlier meeting on cryptocurrency, which he held before the weekend.

“The government and the National Bank have been given corresponding instructions. Now, act,” the Belarusian strongmen urged in conclusion.

Belarusian president lists crypto among priorities for banking sector

In his speech, Alexander Lukashenko highlighted certain “shortcomings” of the Belarusian banking system, such as “uncontrolled fees” charged by banks and “gaps in the regulation” of leasing services. Among them, the president also listed issues with cross-border payments.

Belarusian enterprises have been forced to look for their own settlement solutions amid Western sanctions, causing “unprecedented challenges” for both the country’s economy and its financial sector, the president remarked, urging the over-staffed central bank to allocate a team to deal with that.

Much like Russian companies, Belarusian firms have had to overcome mounting restrictions in foreign trade. Lukashenko instructed the National Bank and other financial institutions to assist businesses in this type of operation “in every way.”

The president also emphasized the need to increase the use of digital tokens, meaning decentralized cryptocurrencies as well, in the financial sector.

This, as he put it, “helps minimize the presence of intermediaries, automate the execution of transactions through smart contracts, and enhance users’ control over their assets.”

Lukashenko then urged to speed up the adoption of digital payment systems. “An instant payment system should be launched no later than year’s end,” he said, noting that Belarus has already made the first step with QR codes, which “give people a faster, simpler way to pay for goods and services.”

His latest statements on crypto come after last week Lukashenko pushed hard for fast-tracking new crypto regulations, as reported by Cryptopolitan.

Speaking at a conference on the development of Belarus’s digital economy on Friday, he insisted on finalizing rules for the sector, stressing the need for clear and transparent standards.

In August, NBRB Governor Roman Golovchenko announced the monetary authority has already drafted legislation that will allow the country to secure “breakthrough results in the usage of cryptocurrencies.”

The central bank’s chief executive referred to the matter as “very important,” citing the country’s expanding crypto assets market as a reason to proceed with dedicated efforts.

If you're reading this, you’re already ahead. Stay there with our newsletter.