TLDR
- Lukashenko urges Belarusian banks to expand their use of cryptocurrencies to help mitigate economic challenges caused by sanctions.
- The president acknowledged the severe impact of EU and US sanctions on Belarus’ economy and banking sector.
- Lukashenko instructed the National Bank and government to act swiftly in promoting digital token usage.
- Crypto exchanges in Belarus are seeing significant growth, with external payments projected to reach $3 billion by the end of the year.
- Belarus aims to launch an instant payment system and adopt new digital payment technologies by the end of 2025.
Belarusian President Alexander Lukashenko has called for a significant increase in the use of cryptocurrencies by the country’s banks. This push comes as sanctions continue to strain the Belarusian economy. Lukashenko highlighted the growing importance of digital tokens in the face of economic challenges. The president’s request follows a meeting with the heads of Belarus’ central and commercial banks.
Lukashenko Calls for Clear Crypto Regulations
Lukashenko acknowledged the tough economic situation caused by international sanctions.
“The national economy, and with it the Belarusian banking sector, have faced unprecedented challenges,” he said.
He instructed both the government and the National Bank to act swiftly to support the growing crypto trend. Belarus has seen its economy suffer due to restrictions imposed by the EU and US, primarily over its support for Russia’s invasion of Ukraine.
The president’s recent statements follow earlier remarks urging lawmakers to establish clear guidelines for cryptocurrency transactions. These regulations are intended to create a transparent framework for crypto in Belarus. Lukashenko’s push aligns with the growing use of digital tokens as a way for sanctioned countries, including Belarus, to bypass traditional financial systems.
Cryptocurrency exchanges operating in Belarus, including major platforms like Binance, OKX, and KuCoin, have seen a surge in activity. Lukashenko noted that these exchanges could double the volume of external payments by the end of the year. He further emphasized that cryptocurrency-based transactions have become more active, highlighting their role in facilitating payments.
In the first seven months of 2025, Belarus saw $1.7 billion in external payments through cryptocurrency exchanges. According to expert estimates, that figure may reach $3 billion by the end of the year. This growth reflects the increasing adoption of crypto as a viable alternative in the face of sanctions.
Belarus Pushes for Instant Payment System by 2025
Lukashenko also encouraged Belarusian banks to adopt new digital payment technologies. He emphasized the need for an instant payment system to be launched by the end of 2025. He also pointed out that the country has already made strides in digital payments, with VTB Bank Belarus offering QR code-based payments linked to the ERIP system.
Belarus is also focusing on further digitalization efforts, which include integrating biometric technologies and establishing a dedicated IT company. The president stressed that these moves aim to reduce reliance on external providers and incorporate artificial intelligence solutions.
“Digitalization must deliver tangible economic results,” Lukashenko stated, urging banks to prioritize technology.
Belarus has had a mixed stance on cryptocurrency over the years. In 2018, the country legalized cryptocurrency transactions, allowing the buying, selling, and mining of digital tokens. However, in March 2023, Lukashenko instructed his energy minister to explore developing the cryptocurrency mining industry, due to the country’s excess electricity supply.
Despite this move, there have been efforts to regulate and control peer-to-peer cryptocurrency transactions. In the summer of 2023, Belarusian officials considered banning such transactions, especially Bitcoin. These actions highlight the evolving and somewhat contradictory approach Belarus has taken toward crypto in recent years.
