2 hours ago
1269
After recently legalizing crypto banks, Belarus is now promising its citizens an array of services that should let them earn, stake and spend cryptocurrencies like Bitcoin.
A top central bank executive spoke in detail about the coin-based products that may hit the market as early as this year, with the nation awaiting the birth of its first crypto banking institution in 2026.
Belarusian crypto banks to issue cards and loans backed by Bitcoin
Belarusians may soon be able to pay with cryptocurrency in brick-and-mortar stores and borrow fiat money using their digital assets as collateral.
That’s according to Alexander Egorov, first deputy chairman of the National Bank (NBRB), who pulled the curtain on some of the crypto banking services his compatriots may expect in the coming months.
Speaking to the government-run First Information Channel, the central bank official emphasized that Belarus is the world’s first country to officially introduce crypto banks to its national financial system.
If not a global leader in that respect, Belarus certainly became the first country in its region to legalize the operations of such institutions last month. It did that via a special decree signed by its long-term president, Alexander Lukashenko.
Unlike Switzerland or the U.S., where crypto banks are private entities under regulatory approval, Belarus is establishing a comprehensive crypto banking system under state control, explained Egorov.
This system should offer “tangible services” for everyone, the official BelTA news agency relayed his statements, noting that the first Belarusian crypto bank may open in 2026.
The deputy governor gave an example with crypto-secured loans, which offer crypto investors an opportunity to use fiat credit while preserving their digital-asset investment:
“Imagine this – you have Bitcoin, which is rising in value … You deposit the coins into a crypto bank as collateral. The bank issues you regular rubles. You use the money, repay the loan, and the bank returns your crypto.”
He also mentioned staking, calling it a next-gen depositing that will allow crypto owners to earn passive income while supporting blockchains and getting rewarded for keeping their coins with a bank.
Crypto cards are coming to Belarus, too, and Egorov described them as the most understandable and long-awaited product in the sector.
“It’s a regular bank card linked to your crypto bank account. You go to a store and pay for groceries. At the moment of payment, the bank instantly converts part of your cryptocurrency into Belarusian rubles,” he told the national broadcaster.
Self-employed Belarusians to legally earn cryptocurrency
A change that will affect hundreds of thousands of people in Belarus is the legalization of crypto remuneration for self-employed individuals.
“When previously, a designer or programmer completed an order for a foreign client who offered to pay with crypto … they couldn’t legally deposit the funds into their account and pay taxes. Now this barrier has been removed,” Egorov pointed out, also quoted by Sputnik Belarus.
The only legal requirement in such cases will be to channel these transactions through a licensed Belarusian crypto bank, the NBRB executive noted.
The banker is convinced that the model adopted by Belarus will eliminate risks that have ruined some foreign platforms, in his words.
The security of the banking services providers will be checked by specialists from the High-Tech Park (HTP) in Minsk, while the monetary authority will conduct traditional financial oversight.
The cryptocurrency banks themselves will verify clients and “X-ray” every transaction, Alexander Egorov added, stressing in conclusion:
“This is a bold step that transforms the theoretical potential of blockchain into real economic benefits for every citizen and business.”
Belarus, Russia’s closest ally, has seen a spike in crypto-related transactions over the past few years, amid Western sanctions limiting its residents’ access to fiat channels. The increase prompted Lukashenko to acknowledge the growing importance of crypto payments last fall.
The country has long established itself as a leader in cryptocurrency regulation in the post-Soviet space, after introducing rules for mining and trading “digital tokens” with another of his decrees enforced in 2018.
The Russian Federation has only recently taken the path of regulating such activities.
The smartest crypto minds already read our newsletter. Want in? Join them.
English (US)