The largest bank in Belarus, Belarusbank, is reportedly considering launching its own cryptocurrency exchange.

Speaking to local news outlet BelTA on 28 January, chairman of the bank Viktor Ananich first shared details of the firm’s exploration into the viability of setting up such an exchange.

Noting how quickly banking and traditional finance are changing, Ananich said launching the cryptocurrency exchange would be a way to keep ahead of the game, with digitization being a top focus for the bank in the coming year. He also outlined Balarusbank’s virtual cards scheme which will replace physical debit and credit cards in the next a few months.

Belarus is home to a number of other crypto-related enterprises, with the country benefiting from regulation formulated by the country’s own “Silicon Valley” at the Belarus High-Technologies Park (HTP). In November last year, cryptocurrency operators and startups offering initial coin offerings (ICO) in the country were granted transparent regulations for their operations, constructed by HTP.

The country’s technology hub benefits from close government links and support, with the sector recognized as one of the top-priority economic sectors for Belarus to develop. Last month, HTP completed a document it dubbed the country’s “second stage of cryptocurrency regulation“.

 

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