Belarus Banks Told to Get Their Crypto Groove On Amid Sanctions Madness

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So, apparently Belarusian President Alexander Lukashenko is now moonlighting as a crypto cheerleader. After realizing sanctions hit the economy like a ton of bricks, he’s basically waving a digital wand and telling banks, “More crypto, darling. Expand! Expand!”

He gathered all the fancy bank folks-central, commercial, the lot-and gave them the classic Lukashenko pep talk. According to the state-owned Belarusian Telegraph Agency (because who else do you trust for such hot goss?), digital tokens are the new Black.

“Over the past five years, the national economy, and with it the Belarusian banking sector, have faced unprecedented challenges,” our man Alexander solemnly declared. Translation: “Things are a bit grim here, folks.” Then, in true drama queen style, he added, “Now, act!” Because everyone loves a good cliffhanger.

This crypto-crusade wasn’t a random whim. Just days earlier, he told lawmakers to whip up some crystal-clear rules for Belarus’s cryptocurrency playground. Why? Because the economy’s been on a diet, thanks to those well-meaning EU and US sanctions-because, spoilers, supporting Russia’s invasion of Ukraine doesn’t pay off like one might hope.

Crypto hustle in Belarus

Fun fact: cryptocurrencies are the shady, yet surprisingly effective, way some countries-looking at you, Russia and North Korea-slip past sanctions and keep selling their weird stuff.

Belarus Crypto Scene: $3 Billion Payday or Just Hype?

By 2026, over 855,000 Belarusian souls (out of 9.1 million) will be dabbling in crypto, according to Statista-because, yes, someone actually tracks this stuff. That’s about 9.57% of the population, which means your granny might soon be mining Bitcoin instead of knitting.

Lukashenko swears all crypto exchanges on Belarusian turf-Binance, OKX, KuCoin-you name it, are on track to maybe, possibly, hopefully double their external payments by year-end. Optimism, right?

“Cryptocurrency transactions are hotter than my morning espresso,” he said, which is the official statement for “things are moving.”

“In the seven months of this year, the volume of external payments through crypto exchanges hit $1.7 billion. Experts think $3 billion by year’s end isn’t just pie in the sky.”

Of course, last year he legally shut down crypto buying and selling outside Belarusian exchanges. Because who needs freedom when you’ve got regulations?

Digital Payment Dreams: QR Codes to the Rescue

Lukashenko’s not stopping there. He told the banks to step up their digital game, start with QR codes (because nothing says “modern” like scanning a tiny square), and roll out an instant payment system by December. No pressure.

VTB Bank Belarus, Russian state-backed and always eager to please, already jumped on the QR train, linking customers straight to ERIP, Belarus’s online payment system. Fancy.

Our president insists the digital future involves biometrics (hello, creepy but efficient), a dedicated IT company to dodge freeloading on foreigners, and some good old AI magic. Because, you know, why not.

“Make tech work hard for the economy. Digitalization isn’t just a buzzword; it’s gotta pay the bills,” Lukashenko warned, clearly tired of empty promises.

Belarus and Crypto: It’s Complicated

Belarus’s crypto love affair has swung wildly. Back in March, Lukashenko told his energy guy to get crypto mining going because the country has way too much electricity and not enough excuses to use it.

But wait! By summer 2023, they were eyeing bans on peer-to-peer crypto deals like Bitcoin. Mixed messages? You bet.

Throw in the fact that way back in 2018, Belarus legalized crypto trading and mining, and you’ve got a political soap opera where the only constant is confusion.

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2025-09-10 06:57