The economy of Belarus is breaking under international sanctions. The country is being punished for supporting Russia in the war against Ukraine. President Alexander Lukashenko thinks he has found the way out: more use of crypto in the banking sector.
Billions of payments via crypto
During a meeting with bank drivers, Lukashenko dedicated the central bank and commercial banks to use digital coins faster and wider. “The government and the National Bank have received their instructions. Now they have to act,” he said.
The figures show that Crypto is not a side issue in Belarus. In the first seven months of this year alone, 1.7 billion dollars in payments were handled through local crypto-exchanges. Experts expect this amount to go to the $ 3 billion by the end of 2025. Large international platforms such as Binance, OKX and Kucin are immediately involved.
The number of crypto users in Belarus is growing steadily. According to Statista, more than 855,000 inhabitants will use crypto in 2026, almost ten percent of the population. With that, Belarus would grow into one of the larger players in the region.
Stricter rules, more control
Yet the government’s course is anything but unambiguous. In 2018, trade, sales and mining of crypto were still made completely legal. But since then the reins have been put on considerably. For example, since last year it has been forbidden to act outside of your own exchanges and plans are ready to further limit peer-to-peer transactions.
According to Lukashenko, stricter rules are needed. Only in this way can crypto be used effectively to break through economic insulation.
More than just crypto
Crypto is only one part of Lukashenko’s digital strategy. An instant payment system must be available this year, while banks such as VTB Bank Belarus are already experimenting with QR codes. Biometric technology and artificial intelligence must also play a greater role.
“Digitization is not a goal in itself. It must yield tangible results,” said Lukashenko.
Can Crypto really save?
The big question is whether Crypto Belarus can actually give air. Analysts warn that international trading partners are keeping an eye on transactions with the country. New limitations are lurking. With that, the leeway for Lukashenko can prove much smaller than he hopes.
Source: https://newsbit.nl/lukashenko-dwingt-wit-russische-banken-tot-vol-in-te-zetten-op-crypto/
