Lukashenko Calls for Greater Crypto Adoption
Belarusian President Alexander Lukashenko ordered national banks to use cryptocurrency in response to a crippling economy affected by international sanctions. Speaking to leaders of Belarus’ central and commercial banks, Lukashenko emphasized that “the time has come for digital tokens” in financial operations.
According to Lukashenko, the national economy and Belarusian banking sector have faced unprecedented challenges in the last five years. “Appropriate instructions for the government and National Bank have been issued. Now, act.”
Crypto Transactions on the Rise
Belarus’ reliance on cryptocurrencies is growing rapidly. According to Statista, Belarus crypto users could surpass 855,000 by 2026, representing almost 10% of the country’s population.
President Lukashenko mentioned that local crypto exchanges, including Binance, OKX, and KuCoin, can contribute to increasing the importance of crypto payments, potentially doubling external payments to $3 billion by the end of the year.
“Today, the volume of payments that are made through cryptocurrencies and their role is becoming bigger,” said Lukashenko.
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Strengthening Digital Payment Systems
Lukashenko also called for more widespread use of digital payment systems, including QR-code payments and instant settlement infrastructure. VTB Bank Belarus has started implementing QR-code payment options integrated into ERIP.
The president highlighted the need for integrating biometric technologies, establishing a domestic IT company to reduce dependency on foreign providers, and using AI-powered solutions to modernize Belarus’ banking sector.
“One must not focus on digitalization only for digitization,” Lukashenko stated.
Belarus’ Mixed Crypto History
Belarus has taken a pragmatic but cautious approach to digital currencies.
- In 2018, activities like mining, trading, and exchanges related to crypto were legalized.
- The country considered banning peer-to-peer transactions in 2023 while promoting mining using surplus electricity.
- In 2024, regulatory powers over exchanges and inclusion of crypto in payment channels were reinforced.
Russia’s vibrant cryptocurrency ecosystem may also influence Belarus’ move, potentially helping the country bypass US-led sanctions while modernizing its payments system.
