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Belarusbank, the largest financial institution in Belarus, has reportedly launched a cryptocurrency exchange service.
According to a November 12 report from local news agency Prime Press, Belarusbank is launching a service that allows users to trade cryptocurrency using a Visa payment card. As reported, the new service allows you to trade cryptocurrencies with fiat currencies such as the Belarusian ruble, the US dollar and the euro.
Belarusbank executives have reportedly said the launch of the new crypto service is in line with the company’s digital transformation program announced a few years ago.
The new service is reportedly available to citizens of Belarus and Russia. The bank is also planning to extend the list of countries that support the service, as well as the list of supported cryptocurrencies in the near future, the report notes.
According to the report, the new feature is the result of the Belarusian bank’s partnership with local crypto payments operator Whitebird. Before introducing the new service, the two companies would collaborate to explore the cryptocurrency industry together in 2018.
Belarusbank is apparently one of the first banks in Belarus to push their own crypto service. The bank initially announced its plans to create a cryptocurrency exchange in early 2019.
The development of the cryptocurrency business in Belarus has been encouraged by local regulation favoring cryptography. As previously reported, President of Belarus Alexander Lukashenko signed a draft decree legalizing the use of digital currencies in late 2017.
