Belarus’ Largest Bank Allegedly Introduces Crypto Exchange Service

Belarus largest bank allegedly introduces crypto exchange service. According to a Nov. 12 report by local news agency Prime Press, Belarusbank is rolling out a service that allow users to exchange cryptocurrency using a Visa payment card. As reported, the new service enables trading crypto against fiat currencies like the Belarusian ruble, the United States dollar and the euro.

Belarusbank executives allegedly said that the release of the new crypto service comes in line with the company’s digital transformation program announced a few years ago.

Reportedly, the new service is available to residents of Belarus and Russia. The bank also aims to expand in the foreseeable future the number of countries providing the service as well as the list of cryptocurrencies supported, the report states.

According to the report, the new feature is a result of Belarusbank’s partnership with local crypto payment operator Whitebird. Before introducing the new service, the two companies reportedly partnered to jointly explore the crypto industry in 2018.

Belarusbank is apparently one of the first banks in Belarus pushing its own crypto service. The bank initially announced its plans to set up a crypto exchange in early 2019. The development of crypto business in Belarus has been encouraged by local crypto-friendly regulation. As previously reported, Belarus President Alexander Lukashenko signed a draft decree legalizing the use of digital currencies in late 2017.

[image: Vadim Sadovski]

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