Belarusian President Aleksandr Lukashenko has referred to as on the nation’s monetary sector to speed up the adoption of cryptocurrency and money funds, calling them important instruments for financial resilience.
Lukashenko’s phrases got here throughout a gathering with central financial institution and industrial banking leaders, because the nation faces sweeping sanctions over its help for Russia’s invasion of Ukraine and alleged human rights violations.
“Immediately, cryptocurrency-based transactions are extra lively than ever, and their function in facilitating funds is rising,” Lukashenko stated in keeping with native media. To him, the market now requires regulatory oversight, which he instructed the monetary sector to maneuver ahead with.
He criticized banks for mistreating prospects, together with forcing insurance coverage on debtors or refusing previous greenback payments, and stated any such abuses would result in disciplinary motion beginning in 2026.
“Do not suppose solely when it comes to revenue,” Lukashenko stated, pointing to rising charges, misuse of financial institution income, and questionable lending practices.
Lukashenko referred to as for the rollout of an immediate cost system by the top of the 12 months, to permit for real-time financial institution transfers in a bid to enhance liquidity. To maintain commerce flowing amid the sanctions, he pointed to potential cryptocurrency-based turnarounds.
Belarus’ gold and international trade reserves reached $12.5 billion in keeping with the information outlet, buoyed by gold’s rising worth.
Earlier this month, Lukashenko pressed regulators to finalize a framework for cryptocurrencies because it moved to cement the nation as a crypto-friendly hub. Belarus’ rising embrace of crypto comes amid a pointy de-dollarization pattern that has seen it promote $30 million in international money per day this 12 months in keeping with the report.
