• Belarusbank integrates crypto exchange services into its system
  • The bank looks to support different crypto assets via its exchange

PrimePress has reported that BelarusBank has entered into a partnership with White Bird. This new partnership would seek to work on how the bank would integrate crypto trading services into its traditional banking system.

As per the announcement, the bank would be using Visa Cards to carry out this new crypto exchange features. In the previous year, BelarusBank had declared its intention to integrate its own crypto exchange.

Viktor Ananich, the bank’s board chairman, noted that one of the major focus of the bank would be the digitalization of its, hitherto, traditional processes. 

Belarusbank expects that the country’s citizens would be making use of this crypto exchange services for all of their crypto related transactions. It was also made known that this new feature can also be enjoyed by citizens of the country in Russia too. The bank has also said it expects to expand this crypto exchange services to a host of other countries in the world too.

Users of this new crypto feature would be granted access to trade against national currencies. This means that users would be granted the opportunity to trade against the Belarusian ruble (BYN), US dollar (USD) etc.

Presently, the bank is yet to release the crypto assets that its exchange would be supporting. However, the bank made it known that its system would be able to offer support to different crypto assets as the exchange becomes more developed.

Belarus has a friendly posture towards crypto exchange and other crypto services

Belarus has been quite receptive to cryptocurrency. The country in 2017 recognized Bitcoin and other crypto assets as a legal means of carrying out transactions.

The country also has a regulatory framework that shows maximum support for crypto assets.

Belarusbank joins a host of other top banks in the world like Russia’s Gazprombank, Singapore’s DBS Bank and others to integrate crypto exchange services into their traditional banking system.

The popularity of crypto assets and the wide acceptance and adoption of these assets shows that cryptocurrencies is being seen as a viable store of value and a means of carrying out a seamless and fast transaction.

This post was last modified on January 6, 2021 11:30 am