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17 November 2020 12:53

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Belarus State-Owned Bank Launches Cryptocurrency Exchange: Report

The state-owned bank, Belarusbank launched the first legal cryptocurrency exchange service in Belarus, through its partnership with White Bird, a local cryptocurrency firm. With this launch, citizens of Belarus and Russia can now buy and sell crypto. However, the bank plans to expand the list of countries whose citizens will be able to exchange cryptocurrencies for fiat, in the future, according to the Head of the bank's digital transformation department, Viktor Bezrukov. With this development, Belarus has now joined a host of other new jurisdictions that are paving the way for crypto adoption. However, some crypto investors argue that a liberal approach in terms of regulations could offer less protection to users and may even have fewer checks on money laundering.

This year, Bahrain, Gibraltar and Malta began offering their own specific rules such as a regulatory sandbox and perks like tax exemptions for crypto firms. At that time the Belarusian government made all activities related to cryptocurrency, including ICOs and smart contracts, legal and tax-free until 2023 – or when it revises its tax laws again. Moreover, under the new law, mining and investing in cryptocurrencies are exempted from income tax and capital gains. While these new crypto-centric laws may entice more companies to set up shop in Belarus, the nation has had its share of civil unrest, especially surrounding software workers in Belarus. Belarusbank, the largest bank in Belarus, has launched a service that allows its clients to buy and sell cryptocurrency using a Visa credit card.

Currently WhiteBird is the only company legally allowed to act as a cryptocurrency exchange service provider in the CIS countries, as well as in Georgia and Ukraine. The introduction of the feature of buying and selling cryptocurrency through a bank has been planned for a long time. Two years later, in 2019, Belarusbank announced that it plans to launch its own crypto exchange. According to the Belarusian news agency, the plan was fulfilled within a year. Trading in cryptocurrencies has become possible for bank users since November 13.

The new service is limited to some fiat currencies. At the moment, users can buy or sell cryptocurrency only for Belarusian and Russian rubles, euros or US dollars. Read the best crypto news analysis here! The biggest banking institution in Belarus, Belarusbank has allegedly launched its cryptocurrency platform service. This comes after a report was published earlier this month on the 12th of November by a local news company known as Prime Press.

According to the report, the bank is getting ready to release its service allowing users to exchange cryptocurrency using a Visa payment card. This new service would allow for crypto trading against Fiat currencies such as the United States dollar or more locally, the Belarus Ruble. The financial institution has reportedly said that the launch of this new service will come simultaneously with the company planning to digitally transform as such a plan was announced a few years ago. This new service would be allegedly available to people from Belarus and Russia with the financial institution also planning to extend a list of countries over time to support the service, not to mention the cryptocurrencies on it. Thanks to a partnership with a local crypto payment operator known as Whitebird, this new feature is becoming a real reality.

Before this new service was officially introduced to the countries, the partnership between the two companies was inked two years ago in 2018. For more news on this and other crypto updates, keep it with CryptoDaily! It is not offered or intended to be used as legal, tax, investment, financial, or other advice. The largest Belarusian bank, ASB Belarusbank, has teamed up with local crypto payments firm White Bird LLC to launch a cryptocurrency exchange. According to local news agency Prime Press, ASB Belarusbank rolled out its crypto exchange services on November 13th, allowing its customers to buy and sell cryptocurrencies through Visa card payments, and exchange crypto assets for Belarusian and Russian rubles, US dollar, and euros. For now, only citizens of the Republic of Belarus and the Russian Federation can enjoy Belarusbank's services, but the bank is planning to expand into other countries in the future. Through the joint project with White Bird LLC, Belarusbank will soon expand the list of available cryptocurrencies available for exchange on its service. ASB Belarusbank chairman Viktor Ananich first revealed the bank's plans to offer cryptocurrency exchange services in early 2019 as part of its digitalization initiatives. "We are considering a possibility to establish a cryptocurrency exchange. ASB Belarusbank began its partnership with White Bird LLC in 2018. Belarus is known for its healthy approach towards cryptocurrencies. In 2017, Belarus president Alexander Lukashenko signed a decree that legalized the use of digital assets. In the same year, the central bank of Belarus established a blockchain-based information network. Follow Us on Twitter Facebook Telegram Check out the Latest Industry Announcements ADVERTISEMENT Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. According to a Nov. 12 report by local news agency Prime Press, Belarusbank is rolling out a service allowing users to exchange cryptocurrency using a Visa (NYSE:) payment card. As reported, the new service enables trading crypto against fiat currencies like the Belarusian ruble as well as the United States dollar and the euro. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.