Largest bank in Belarus introduces cryptocurrencies

Another big bank is entering the crypto market.

Belarusbank, the largest financial institution in Belarus, wants to introduce cryptocurrencies

According to a report by the Belarusian news agency Prime Press on November 12, Belarusbank wants to enable its customers to buy cryptocurrencies using a Visa card in the future. As part of the offer, cryptocurrencies can be purchased in exchange for national currencies such as the US dollar, the euro and the Belarusian ruble.

The bank’s management states that the adoption of cryptocurrencies is part of the financial institution’s digitization program that started a few years ago.

The new service will be available to both Belarusian and Russian citizens.

Other countries are to follow at a later date, and the number of available crypto currencies is to be expanded

As stated in the media report, the new service is the result of cooperation between Belarusbank and the Belarusian payment service provider Whitebird. Even before the most recent collaboration, the two companies had already worked on a joint crypto project in 2018.

Belarusbank is one of the first banks in Belarus to show great interest in the crypto market. In 2019, she disclosed that she was planning her own crypto exchange.

The enthusiasm for cryptocurrencies in Belarus is due to crypto-conducive legislation. As previously reported , President Alexander Lukashenko had legalized digital currencies in late 2017.