Belarusbank, the most important bank in Belarus, is expected to open an exchange in the country this year

Recently, through the Belarusian local press, it was announced that Belarusbank is considering creating a house of exchange that will be able to operate with the main cryptocurrencies of the world.

Belarusbank, the largest and most important bank in Belarus, an entity with a large volume and management of bank accounts, transactions and customers, commented that it is evaluating the possibility of forming a foreign exchange house that will operate with the bank’s platform and technology, which is necessary to be able to enter the cryptocurrency exchange market.

According to the bank’s President, Viktor Ananich, the financial institution is making important efforts to have this platform ready and create the right body for its proper functioning. In an interview with a television channel, Ananich said: “The possibility of creating an exchange platform for commercial operations with cryptocurrencies is being studied. We are currently evaluating the issue”. For this reason, it is considered that this important step corresponds to the large increase in transactions, traffic and acceptance that blockchain technology is having in that country.

Among other actions expected to do by the financial institution for the near future is to accelerate the growth of the bank with the total adoption of different digital platforms. In fact, Ananich said recently that the board of directors of the bank is in negotiations with a mobile phone service company, in order to expand the services offered by the bank to its customers.

Ananich mentioned that the company’s negotiations with this telephony company are ahead of schedule and that he expects this operation to be a platform that can satisfy customers through mobile technology.

Another important advance of this company is the development of a system that will provide customers with a digital card. With this new option, they could make their purchases in a simpler and safer way, avoiding the preparation of physical cards and spending on them.

For Viktor, the bank performs these movements as a support for progress and growth that must go hand in hand with the rapidity of new technologies and keep updated to provide the industry with the best services and increase their participation in negotiations of all kinds.

Belarusbank is a bank belonging to the State Ownership Committee of Belarus. Currently, it is considered the most important banking institution in the country, with a management of more than 13 billion dollars in assets since 2017. In addition, this company supports the largest number of entrepreneurs and merchants in the country, who obtain loans and special services by the bank.

Belarusbank is not the only financial institution operating with cryptocurrencies and using blockchain technology in the country. In 2017, the National Bank of Belarus consolidated an information network based on blockchain technology, which is focused on the registration of the issuance of bank guarantees.

Aleksandr Lukashenko, President of Belarus, commented in 2017 that “Belarus will become the first government in the world to open ample opportunities for the use of blockchain technology. We have every possibility of becoming a regional center in this area”, he said.

After these years, the European country is still investing and developing programs around blockchain technology and showing that it wants to continue working with it, despite the abrupt changes and the crypto market falls in recent months.

By: María Victoria Rodríguez


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