Belarusbank To Release Their Own Crypto Exchange

As per a report published by local news outlet BeITA, Belarusbank, the largest bank in Belarus, is contemplating the launch of its very own cryptocurrency exchange platform.

Viktor Ananich, the Chairman of Belrusbank’s board while speaking with Belarus 1 TV channel, Ananich revealed the plans for the exchange. He said,

“We are considering a possibility to establish a cryptocurrency exchange. We are working on it.”

The bank is aiming to intensify its focus on digitization and is looking for ways in which the range of services can be expanded. Along with the reported cryptocurrency exchange, BeITA also informed that the bank is currently undergoing the process of issuing virtual cards soon.

Ananich added,

“Digitalization-related projects will be virtually exclusive in nature. However, at present, things are changing very fast, and we need to keep up with them.”

The general consensus is that Belarus’s crypto efforts will run a smooth path, especially considering that the government of Belarus already legalized cryptocurrency-related activities to be carried out in the country last year. President Alexander Lukashenko signed the presidential decree, titled “On the Development of the Digital Economy” last year, which came into effect on March 28, 2018.

This move is quite similar to what Japan’s SBI Group is trying to do. The financial services provider has collaborated with Denmark-based blockchain startup Sepior in October 2018. More such initiatives are also making way gradually as more and more people get into investing in cryptocurrency and the advantages and use cases of the blockchain technology is more widely spread. Earlier this month, major crypto exchange Bitstamp announced its collaboration with Swiss online bank Dukascopy in order to conduct Bitcoin transactions on behalf of the bank. The terms of the agreement mention that clients will be able to make Bitcoin transfers to their accounts, convert them to fiat currency, and make trades on the Swiss Forex market.