Belarusbank Launches Legal Cryptocurrency Exchange Service

 Belarusbank has launched a legal cryptocurrency exchange service that will allow customers in both Belarus and neighboring Russia to buy and sell cryptos.

November 13, 2020 | AtoZ Markets – Belarusbank, the largest bank in Belarus, together with WhiteBird, presented a service for buying and selling cryptocurrencies using Visa payment cards.

Belarusbank legal cryptocurrency exchange service now available

As reported by PrimePress, the service became available today, November 13. So far, only citizens of Belarus and the Russian Federation can use it, in the future the list of countries and supported cryptocurrencies is planned to be expanded.

In 2019, Belarusbank announced plans to create a cryptocurrency exchange platform on its base. The launch of a cryptocurrency exchange service is part of the bank's digital transformation program.

Cryptocurrencies are legal in Belarus

Belarusian President Alexander Lukashenko legalized cryptocurrencies and ICOs in the country back in 2017. The primary goal of the Belarus government’s new law is to get the global IT companies to open representative offices and development centers in the country. The decree grants tax exemptions concerning activities connected with the ICOs and cryptocurrencies.

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However, Belarus does not appear to have been very active in terms of developments related to crypto so far. Recently, the Prosecutor General of Belarus expressed concern over the role of crypto in tax fraud in June 2019.

Let us remind you that Belarusbank will become one of the participants in the experiment of the National Bank of Belarus to issue tokens.

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