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The largest bank in Belarus, Belarusbank, has reportedly started providing a cryptocurrency exchange service, allowing customers to buy bitcoins using Visa cards.
Belarusbank’s new cryptocurrency exchange service is in partnership with bitcoin exchange service provider Whitebird, several local news outlets reported Thursday. The bank revealed its plans to create a cryptocurrency exchange platform early last year.
Founded in 1991, Belarusbank merged with Sberbank of Belarus in 1995. The government of Belarus owns 99.95% of the bank’s capital. In 2018, the bank entered into a strategic partnership with Whitebird, a resident of Belarusian Hi-Tech Park, also known as Eastern Europe’s Silicon Valley. Whitebird operates in the legal framework of Belarus and in accordance with Decree No. 8 of the President of the Republic of Belarus “On the development of the digital economy” and the related decisions of the supervisory board of the Hi-Tech Park.
“This is a service that allows you to quickly buy or sell bitcoin (BTC) for USD [U.S. dollars], RUB [Russian rubles], BYN [Belarusian rubles] at the optimal rate at the time of the transaction, “explains the Whitebird website, adding that” The service works online “and” the purchase and sale process is done using Visa payment cards. “The Belarusian bank plans to add the purchase of bitcoin with euro in the future.
Initially, the bank’s new cryptocurrency service is available to citizens of Belarus and Russia, local media said, citing the bank’s press service. In the future, Belarusbank plans to extend the cryptographic service to customers in other countries. The bank also plans to work further with Whitebird to support more cryptocurrencies and provide additional related services.
What do you think of Belarusbank offering a cryptocurrency exchange service? Let us know in the comments section below.
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