Belarusian President Aleksandr Lukashenko has known 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 business banking leaders, because the nation faces sweeping sanctions over its assist for Russia’s invasion of Ukraine and alleged human rights violations.
“At present, cryptocurrency-based transactions are extra lively than ever, and their position in facilitating funds is rising,” Lukashenko mentioned 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He criticized banks for mistreating clients, together with forcing insurance coverage on debtors or refusing outdated greenback payments, and mentioned any such abuses would result in disciplinary motion beginning in 2026.
“Do not assume solely when it comes to revenue,” Lukashenko mentioned, pointing to rising charges, misuse of financial institution earnings, and questionable lending practices.
Lukashenko known as for the rollout of an prompt fee system by the tip of the yr, 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 change 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 development that has seen it promote $30 million in international money per day this yr in keeping with the report.