Belarus drafts rules to enable crypto payments in national financial system

Belarus is making a significant regulatory shift by preparing to introduce a legal framework that could enable the use of cryptocurrencies for everyday transactions. The National Bank of the Republic of Belarus (NBRB) has drafted legislative amendments aimed at integrating digital assets into the country's financial infrastructure, with a particular focus on payments. The move, which has been endorsed by President Alexander Lukashenko, marks a strategic effort to leverage cryptocurrencies amid international sanctions and evolving global financial trends [1].

Roman Golovchenko, the newly appointed NBRB governor, emphasized the importance of adapting to the growing domestic and global demand for digital currencies during a recent meeting with the president. The central bank’s initiative is expected to provide a structured regulatory environment that supports financial innovation while safeguarding against risks such as money laundering and terrorism financing [2]. The proposed rules could also facilitate cross-border trade and position Belarus as a more attractive destination for fintech investment and entrepreneurship.

The regulatory push follows the establishment of the Belarus Hi-Tech Park (HTP), a special economic zone introduced in 2017 under Decree No. 8. The HTP offers tax exemptions and legal clarity for companies in the IT sector, including those involved in cryptocurrency activities such as mining and trading. The central bank now seeks to expand this framework by enabling broader usage of digital assets in the national payment system [3].

Lukashenko, who has shown increasing interest in crypto-related developments, directly questioned Golovchenko on the topic during their meeting. The president has previously raised concerns about the underdevelopment of the domestic crypto market and stressed the need for concrete measures to harness its potential for economic growth and financial inclusion. His support for the central bank’s proposals suggests a policy direction that aligns with Russia’s experimental crypto regime, which was introduced to mitigate the impact of Western sanctions [4].

The timing of the announcement is significant, coming amid a broader global reassessment of digital currencies. Major cryptocurrencies like Ethereum have recently reached notable price levels, underscoring the maturation of the market. The Belarusian central bank’s move reflects a growing recognition that digital assets are not just speculative tools but potential enablers of economic transformation [5].

Analysts note that the draft rules represent a balanced approach, aiming to foster innovation without compromising financial stability. By engaging with the crypto space in a measured and regulated manner, Belarus is signaling its intent to remain competitive in the digital economy while maintaining control over systemic risks. The initiative also highlights the central bank’s evolving role in shaping the future of finance, particularly in response to technological advancements and shifting market demands.

While the full impact of the proposed rules remains to be seen, their introduction signals a clear departure from the cautious stance traditionally held by central banks. If implemented, the rules could pave the way for a more inclusive and modern financial system in Belarus, with potential implications for the broader Eastern European region.

Source:

[1] CoinMarketCap, “Belarusian central bank drafts rules permitting crypto payments,” https://coinmarketcap.com/community/articles/689ba3101a035523f370bf7c/

[2] Mitrade, “Belarusian central bank drafts rules permitting crypto payments,” https://www.mitrade.com/au/insights/news/live-news/article-8-1033686-20250813

[5] Mitrade, “Ethereum cracks $4500 as Solana hits $190,” https://www.mitrade.com/insights/news/live-news/article-3-1033697-20250813