A New Era for Belarusian Crypto Banking
Belarus is making significant strides in the world of cryptocurrency, with a bold move to introduce crypto banks that will allow citizens to earn, stake, and spend digital assets like Bitcoin. This initiative marks a major shift in the country’s financial landscape, offering a range of services that could transform how people interact with cryptocurrencies.
The Vision of a State-Controlled Crypto Banking System
According to Alexander Egorov, first deputy chairman of the National Bank of Belarus (NBRB), the country is on the verge of becoming the first in the world to officially integrate crypto banks into its national financial system. Unlike other countries where crypto banks operate as private entities under regulatory approval, Belarus is taking a state-controlled approach. This model aims to provide “tangible services” for all citizens, ensuring security and stability in the rapidly evolving crypto market.
Egorov emphasized that the first Belarusian crypto bank may open in 2026, signaling a long-term commitment to this new financial infrastructure. The central bank official outlined several potential services that could soon be available to the public, including crypto-secured loans, staking opportunities, and crypto cards.
Crypto-Secured Loans: A New Way to Access Fiat
One of the most promising services is the introduction of crypto-secured loans. These loans would allow individuals to use their cryptocurrency as collateral to access fiat currency. For example, if someone owns Bitcoin that is increasing in value, they could deposit it into a crypto bank as collateral and receive regular rubles. This arrangement enables users to utilize their digital assets without liquidating them, providing a flexible financial tool.
Egorov explained the process: “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.” This innovation offers a practical solution for those who want to maintain their cryptocurrency holdings while accessing traditional currency.
Staking: Earning Passive Income
Another key service is staking, which allows crypto owners to earn passive income by supporting blockchains. By keeping their coins with a crypto bank, users can contribute to the network’s security and receive rewards in return. This feature not only benefits individual investors but also strengthens the overall blockchain ecosystem.
Crypto Cards: Simplifying Everyday Transactions
Crypto cards are also set to become a reality in Belarus. These cards would function like regular bank cards, linked to a user’s crypto bank account. When making a purchase, the card would automatically convert part of the cryptocurrency into Belarusian rubles at the point of sale. This seamless integration makes it easier for people to use their digital assets in everyday transactions.
Legalizing Crypto Payments for Self-Employed Individuals
A significant change affecting hundreds of thousands of people in Belarus is the legalization of crypto remuneration for self-employed individuals. Previously, freelancers such as designers or programmers who received payments in cryptocurrency could not legally deposit the funds into their accounts or pay taxes. Now, this barrier has been removed, allowing these individuals to operate within the formal financial system.
However, there is a legal requirement: all crypto transactions must go through a licensed Belarusian crypto bank. This ensures that the process remains transparent and secure, aligning with the country’s regulatory framework.
Ensuring Security and Oversight
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. Additionally, the crypto banks themselves will verify clients and “X-ray” every transaction, as noted by Egorov. This multi-layered approach aims to eliminate risks associated with previous platforms and ensure a safe environment for users.
A Bold Step Toward Economic Benefits
Egorov described the move as a “bold step” that transforms the theoretical potential of blockchain into real economic benefits for every citizen and business. This initiative reflects Belarus’s commitment to leveraging cryptocurrency for growth and innovation.
A Leader in Cryptocurrency Regulation
Belarus has long established itself as a leader in cryptocurrency regulation in the post-Soviet space. In 2018, the country introduced rules for mining and trading “digital tokens,” setting a precedent for other nations. While Russia has only recently begun regulating similar activities, Belarus continues to lead the way.
As the nation moves forward with its crypto banking initiatives, it is clear that the future of finance in Belarus is being redefined. With a focus on security, accessibility, and innovation, the country is positioning itself as a pioneer in the global cryptocurrency landscape.