Belarusbank, the largest financial institution in Belarus, is launching a cryptocurrency exchange service.
According to a report by local Prime Press news agency on Nov. 12 Belarusbank implements a service that allows users to exchange cryptocurrencies with a Visa payment card. As reported, the new service enables trading in cryptocurrencies against fiat currencies such as the Belarusian ruble as well as the US dollar and the euro.
Belarusbank executives reportedly said the launch of the new cryptocurrency service coincided with the company’s digital transformation program announced several years ago.
The new service would be available to citizens from Belarus and Russia. The bank also plans to expand the list of countries that support the service as well as the list of supported cryptocurrencies in the near future.says the report.
According to the report, the new feature is the result of Belarusbank’s partnership with local crypto payment provider Whitebird. Before the introduction of the new service The two companies teamed up in 2018 to explore the cryptocurrency industry together.
Belarusbank is apparently one of the first banks in Belarus to offer its own cryptocurrency service. ANDThe bank first announced its plans to set up a cryptocurrency exchange in early 2019.
The development of the cryptocurrency business in Belarus has been encouraged by local crypto-friendly regulations. As previously reported, Belarusian President Alexander Lukashenko signed a draft decree in late 2017 to legalize the use of digital currencies.