Belarus’ Largest Bank Launches Crypto Trading Services

Friday, 13/11/2020 | 13:10 GMT by Arnab Shome
  • The services are available to citizens in Belarus and Russia.
Belarus’ Largest Bank Launches Crypto Trading Services
Belarusbank branch in Minsk, Belarus (Bloomberg)

Belarusbank, the largest bank in Belarus, has launched cryptocurrency buying and selling services today in partnership with WhiteBird.

As reported by local daily Prime Press, the services will be available to the bank’s customers in Belarus and Russia, initially. Additionally, the bank has plans to add more countries to this list as well as expand the list of offered digital currencies.

The bank launched these new services today, allowing its customers to buy and sell Cryptocurrencies using Visa cards. Furthermore, it has plans to add a total of four fiats for crypto purchases: Belarusian ruble, Russian ruble, US dollar, and euro.

Belarusbank is a state-owned bank with a 99.95 percent government share in it. The bank was reorganized in 1995 by merging with Sberbank of Belarus.

Its plan to launch crypto services was not abrupt as its chairman publicly revealed plans in such directions last year.

“The possibility of organizing an Exchange platform for trading cryptocurrencies is being worked out by the bank's management,” Viktor Ananich, Chairman of the Board of JSC JSSB Belarusbank, then said (translated).

"The bank's projects in the field of digital technologies are practically exclusive."

Penetration of Cryptos in Eastern Europe

The bank partnered with WhiteBird, the only legal cryptocurrency market operator in the CIS countries, in 2018.

While Belarusbank is launching cryptocurrency trading, other international platforms are exiting Belarus; Bittrex, earlier in September, terminated its crypto services for its clients in Belarus, Ukraine, and a few other countries.

Meanwhile, the Russian government is becoming strict towards the digital currency sector as a whole. The country has defined cryptos and see them as property but made their usage as payment mode illegal.

Belarusbank, the largest bank in Belarus, has launched cryptocurrency buying and selling services today in partnership with WhiteBird.

As reported by local daily Prime Press, the services will be available to the bank’s customers in Belarus and Russia, initially. Additionally, the bank has plans to add more countries to this list as well as expand the list of offered digital currencies.

The bank launched these new services today, allowing its customers to buy and sell Cryptocurrencies using Visa cards. Furthermore, it has plans to add a total of four fiats for crypto purchases: Belarusian ruble, Russian ruble, US dollar, and euro.

Belarusbank is a state-owned bank with a 99.95 percent government share in it. The bank was reorganized in 1995 by merging with Sberbank of Belarus.

Its plan to launch crypto services was not abrupt as its chairman publicly revealed plans in such directions last year.

“The possibility of organizing an Exchange platform for trading cryptocurrencies is being worked out by the bank's management,” Viktor Ananich, Chairman of the Board of JSC JSSB Belarusbank, then said (translated).

"The bank's projects in the field of digital technologies are practically exclusive."

Penetration of Cryptos in Eastern Europe

The bank partnered with WhiteBird, the only legal cryptocurrency market operator in the CIS countries, in 2018.

While Belarusbank is launching cryptocurrency trading, other international platforms are exiting Belarus; Bittrex, earlier in September, terminated its crypto services for its clients in Belarus, Ukraine, and a few other countries.

Meanwhile, the Russian government is becoming strict towards the digital currency sector as a whole. The country has defined cryptos and see them as property but made their usage as payment mode illegal.

About the Author: Arnab Shome
Arnab Shome
  • 6421 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6421 Articles
  • 85 Followers

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