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Belarusbank Considers Setting up its own Crypto Exchange

Belarusbank Considers Setting up its own Crypto Exchange

The Largest bank in Belarus, Belarusbank, says it is considering setting up a crypto exchange according to the chairman of the bank.

Viktor Ananich, the bank’s chairmen states that efforts are being made to explore the possibility of setting up a cryptocurrency exchange platform.

The Chairman claimed that digitization is one of the most important focuses of Belarusbank in 2019, stating that the bank is also working with mobile carriers, aiming to expand its services. Belarusbank is also planning to issue virtual cards online, rather than physical credit cards in a few months, said Ananich.

Belarusbank is the largest and leading banking institution in the country, due to its volume of equity, assets, loans and deposits. It was reportedly estimated that Belarusbank has about $13.51 billion in operating assets in 2017.

Ananich therefore emphasized that it is important for the banking sector to keep up with the digital industry, as the space is evolving very fast.

In November 2018, Belarus High-Technologies Park (HTP), set up regulation and guidelines for crypto-related business in the country, including companies that are related to operations with initial coin offerings (ICOs).
Recently, major European crypto exchange Bitstamp partnered with Swiss online bank Dukascopy in order to conduct Bitcoin (BTC) transactions on behalf of Dukascopy Bank. According to the terms of the agreement, clients will be able to send Bitcoin to their accounts, convert them to fiat money, and trade on the Swiss FX Marketplace.

On Jan. 21, Swiss Falcon Private Bank also launched support for direct transfers and storage of major cryptos, allowing both private and institutional investors to transfer them to and from the bank’s own segregated Falcon wallets, as well as convert crypto into fiat.

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