Digital Revolution: Belarus May See Its First Crypto Banks in Six Months
Belarus has officially authorized the creation of crypto banks. The corresponding Decree No. 19 was signed by the Head of State. According to the National Bank’s plans, the first such institutions are expected to begin operating within six months. This is a unique project that combines the functions of a traditional bank and a cryptocurrency exchange, BELTA reports.
The key innovation is a unified balance system. A crypto bank will be able to issue payment cards directly linked to a crypto account. This means that digital assets can be used to pay in stores just as easily as regular rubles.
Citizens will gain the legal right to accept payments for their services in cryptocurrency. New financial instruments will also emerge, such as loans secured by digital assets. This will allow investors and miners to obtain cash without selling their cryptocurrency holdings.
All operations will be conducted under strict supervision of the National Bank. Dual licensing and rigorous regulations will ensure reliable protection of deposits and clients’ interests. It is expected that such a transparent system will attract major investors to the country and provide a strong boost to economic development.
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