A Major Policy Shift for Belarus
Belarus is set to make a historic leap in its financial policy as the National Bank of the Republic of Belarus (NBRB) unveils draft regulations to allow cryptocurrencies in payment transactions. The move, supported by President Alexander Lukashenko, marks a turning point in the country’s approach to digital assets.
The proposal builds on the 2017 decree that legalized crypto mining and trading in the nation’s Hi-Tech Park, a special economic zone for IT businesses. This new phase aims to integrate cryptocurrencies into day-to-day financial transactions, expanding their legal use far beyond mining and exchange.
Paving the Way for a Crypto Hub
Roman Golovchenko, chairman of the NBRB and former prime minister, called the crypto market “a very important subject.” He noted that registered exchanges in the Hi-Tech Park are experiencing rapid growth and maintaining a stable turnover.
“Cryptocurrencies are here to stay,” Golovchenko stressed, underscoring the need to integrate them into Belarus’s mainstream financial policy in a timely and structured way. The central bank’s proposals aim to revamp existing regulations and create entirely new frameworks for incorporating digital financial assets into the national economy.
President Lukashenko, recognizing the underdevelopment of Belarus’s crypto sector, personally challenged the central bank to define concrete steps for leveraging digital assets in payment settlements.
Following Russia’s Lead in Cross-Border Crypto Use
Belarus’s move comes shortly after Russia floated an experimental legal framework for cross-border crypto payments to circumvent Western sanctions. Both nations are exploring how digital currencies can bypass geopolitical restrictions and open new trade routes.
This alignment suggests Belarus is positioning itself as part of a regional strategy to reduce dependency on traditional financial channels, especially in light of global political and economic pressures.
Strategic and Economic Advantages
The initiative reflects a strategic pivot toward innovation and reducing financial risks such as money laundering. It also strengthens Belarus’s potential as a fintech investment hub, thanks to its tax-friendly Hi-Tech Park created under Decree No. 8.
Lukashenko has even directed the energy sector to use excess electricity for crypto mining, aligning national resources with the expansion of the crypto ecosystem. This combination of regulation, infrastructure, and energy strategy could make Belarus one of the most crypto-friendly jurisdictions in Eastern Europe.
Next Steps Toward Implementation
With the legislation drafted, Belarus plans to hold consultations in upcoming conferences to finalize the regulations. The ultimate goal is to formally permit crypto payments, potentially boosting economic growth and expanding financial inclusion.
If approved, these rules could place Belarus at the forefront of digital financial transformation in the region, leveraging both policy and resources to capture the benefits of a rapidly evolving global crypto economy.
