State-owned Belarusbank rolls out crypto exchange service

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 14, 2020
  • Belarus Bank plans to offer crypto exchange services to both Belarus and Russian citizens.
  • Partnership with white Bird crypto firm will allow users to trade crypto funds through Visa card payments.
  • Increased government cryptocurrency adoption is fueling the belief that the crypto industry has come of age.

State-owned Belarusbank, the largest bank in Belarus, recently announced its plans to roll out a crypto exchange service. The service, once launched, will enable customers in the country and neighboring Russia to purchase and sell cryptocurrencies via Visa payment cards.

This is coming when the country is in political turmoil. Self-proclaimed president Alexander Lukashenko has been accused of repression and election fraud, and he is not recognized by Western countries as president.

Bank partnering with a crypto-based firm

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As per the report, Belarusbank is collaborating with cryptocurrency company White Bird to make the new project possible. Once launched, citizens in both countries can exchange cryptocurrencies for Russian and Belarusian rubles, as well as Euros and USD.

Based on the report, the bank has plans to support more fiat and cryptocurrencies and expand the crypto exchange service to other countries as well.

As Bitcoin and other cryptocurrencies rally across the market, there is a high belief that government stimulus packages in America and Europe will give rise to a healthy market in the crypto industry. As such, countries are seriously planning to roll out crypto-based projects and services to take part in this impending boom.

Now, Belarusbank is introducing new crypto exchange services for CIS nations, which can pave the way to enter into the European Union.

The increased legal and government involvement in the crypto industry is feeding the belief that the cryptocurrency industry has finally come of age.

The announcement by Belarusbank is coming a month after the Russian state-owned bank Gazprombank, announced its Swiss subsidiary will be launching crypto trading and custody services to certain clients in Switzerland.

Testing crypto waters or trying to raise funds

The announcement by Belarusbank has raised mixed reactions in the crypto community. Some believe the move is in line with the gradual legal and state-owned crypto acceptance sweeping the industry. However, others believe Kremlin attempts to raise funds through cryptocurrency, having lost support from certain fractions of the Russian government and the international community.

And with the coronavirus pandemic affecting the financial structure of the country, the second observers could be right.

Meanwhile, a Moscow-based crypto investment adviser, Dmitriv Zaikov, thinks otherwise. In his view, the government may be testing the crypto waters to see how it can fit in. “Maybe they want to dip a toe in, to see what works and what doesn’t,” he concluded.

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