Belarusian President Aleksandr Lukashenko has urged faster adoption and formal oversight of cryptocurrency transactions while pressing banks to improve customer treatment as the country navigates sweeping sanctions.
Speaking at a meeting with central and commercial bank leaders, Lukashenko said crypto-based transactions are increasingly active and called for a regulatory framework to bring the market under supervision. He directed the financial sector to move forward with rules and operational changes intended to preserve liquidity and keep trade flowing under external pressure.
The president singled out problematic banking practices — including forced insurance on borrowers and refusal to accept old dollar bills — and warned that abuses would lead to disciplinary action beginning in 2026. He also ordered the rollout of an instant payments system by year-end to enable real-time bank transfers and improve liquidity management.
Officials noted Belarus’ gold and foreign-exchange reserves have risen to $12.5 billion, helped by higher gold prices. The government’s push to finalize a crypto framework follows earlier moves to position Belarus as a crypto-friendly hub amid a broader de-dollarization trend: the country has reportedly sold about $30 million in foreign cash per day this year.
Why readers should care: clearer rules could make crypto a meaningful tool for Belarus to mitigate sanctions-related disruptions, but formal oversight also brings compliance and legal complexities for market participants. Firms and banks operating in or with Belarus should watch for rulemaking that could affect payments, custody and reporting obligations.
Source: CoinDesk. Read the original coverage for full details.