Cryptocurrency trading is now “unprecedentedly active” and their president acknowledges that Belarusians spend billions of dollars worth of US dollars overseas.
Alexander Lukashenko made his remarks in front of major bankers in his country a few days after urging authorities to adopt appropriate rules and keep up with the industry.
Lukashenko records the level of crypto transactions in Belarus
Belarus' long-term leaders seem fascinated by recent cryptocurrencies and revisited the topic shortly after calling on the government to provide appropriate regulations.
On Tuesday, he raised the issue again during a meeting between the National Bank of Belarus (NBRB) and the management of the director of the Commercial Bank.
The President has appointed a present to expand the scope of digital tokens as cryptocurrencies are legally defined in Belarusian law.
While doing that, he made it clear that this is one of the most important areas regarding the digital development of the country's economy.
“Today, cryptocurrency-based transactions are more active than ever and their role in driving payments is growing,” pointed out Alexander Kashenko.
Quoted by the official news agency Belta, he also revealed:
“In the seven months this year, the amount of external payments via cryptocurrency exchanges has reached $1.7 billion.”
“Experts estimate it could reach $3 billion by the end of the year,” the Belarus head of state pointed out, speaking to an audience of bank executives.
Markets of this size require transparency, effective regulation and reasonable control, Lukashenko emphasized, reflecting statements from previous meetings on cryptocurrency held over the weekend.
“The government and national banks have been given response instructions. They are now acting,” the Belarusian strongman urged in his conclusion.
Belarus president lists ciphers in the banking sector priorities
In his speech, Alexander Lukashenko highlighted certain “differences” of the Belarusian banking system, such as “uncontrolled fees” charged by banks and “regulatory gaps” in lease services. In it, the president also listed issues regarding cross-border payments.
Belarusian companies have been forced to search for their own settlement solutions amid Western sanctions, poses “unprecedented challenges” for both the country's economy and its financial sector, the president said, urging over-staffed central banks to allocate their teams to address it.
Just like Russian companies, Belarusian companies had to overcome the increased restrictions on foreign trade. Lukashenko has directed national banks and other financial institutions to support businesses “in all respects” of this type of business.
The president also emphasized the need to increase the use of digital tokens, which also means decentralized cryptocurrencies in the financial sector.
This, as he said, “will help minimize the presence of intermediaries, automate the execution of transactions with smart contracts, and enhance user control over assets.”
Lukashenko then urged him to accelerate the adoption of digital payment systems. “The immediate payment system needs to be launched by the end of the year,” he said. Belarus said it has already taken its first step with a QR code.
His latest statement on Crypto pushed hard last week on new crypto regulations that will quickly track, as reported by Cryptopolitan.
At Belarus's digital economy development meeting on Friday, he insisted on establishing rules for the sector, underscoring the need for clear and transparent standards.
In August, NBRB Governor Roman Golovchenko announced that he had already written legislation to ensure financial authorities have “breakthrough consequences in the use of cryptocurrency.”
The central bank chief executive calls the issue “very important,” citing it as a reason for its commitment to the country's growing cryptocurrency market.
