Belarusian Leader Pushes Crypto Clarity to Guard Against Economic Wild West

Belarusian President Aleksandr Lukashenko has emphasized the need for a clearly defined regulatory framework for the country’s cryptocurrency sector, calling for transparent and enforceable rules to ensure market stability and investor protection. During a government conference on September 5, 2025, Lukashenko outlined his concerns over the current state of digital asset platforms in Belarus, noting significant shortcomings in transaction oversight and capital repatriation. He stated that nearly half of the funds invested by Belarusian citizens in foreign crypto platforms failed to return, highlighting a growing risk to financial security and investor confidence [1].

Lukashenko reiterated that the state must play a proactive role in regulating the rapidly evolving digital economy. He pointed to his 2023 decree, Presidential Decree No. 80, which initiated the development of a national crypto framework but has yet to result in binding legislation. The president criticized the government for allowing technological advancements to outpace legal frameworks and called for the Hi-Tech Park—the special economic zone managing much of the country’s digital activity—to collaborate with state agencies in drafting comprehensive rules [2]. The goal, according to Lukashenko, is to create a “digital haven” that balances innovation with investor security [3].

The president also highlighted the need for tighter oversight of domestic crypto platforms. A state audit by the State Control Committee revealed violations in financial record-keeping, with some platforms failing to account for funds transferred abroad. In response, Lukashenko ordered a regulatory overhaul to ensure transparency and control, particularly in the context of peer-to-peer transactions. In 2023, a new law was enacted under Decree No. 367, which prohibits residents of the Hi-Tech Park from trading cryptocurrencies outside official Belarusian exchanges, reinforcing the government’s push for centralized control [1].

In a separate but related move, Lukashenko has shown interest in leveraging Belarus’ energy surplus for cryptocurrency mining. He instructed his energy minister to explore the feasibility of developing mining operations, noting that the country’s cheap and abundant electricity could be profitably used to support the crypto industry [4]. The president also referenced global trends, including the United States’ proposed strategic crypto reserves, as justification for Belarus to pursue a similar path if regulatory hurdles are cleared [2].

Lukashenko has also approved the concept of an experimental crypto bank, which will operate as a non-bank financial institution under strict government supervision. The initiative, proposed by the National Bank’s First Deputy Chairman Aleksandr Yegorov, aims to attract foreign investment while protecting local citizens from exposure to high-risk digital assets. Unlike traditional banks, the proposed crypto bank will not accept local currency deposits from Belarusians, but will focus on cryptocurrency-only transactions and foreign investors [4].

As part of its broader digital strategy, Belarus is also developing its own Central Bank Digital Currency (CBDC), the “digital ruble,” which is expected to be launched by late 2026. The digital ruble will initially be used for government services and retail transactions and is intended to reduce reliance on foreign digital currencies while promoting economic independence [4]. The government’s approach reflects a calculated balance between encouraging digital innovation and maintaining state control over the financial system.

Source: [1] Belarus President Lukashenko Makes Another Crypto Push (https://cointelegraph.com/news/belarus-president-lukashenko-makes-another-crypto-push) [2] Belarus Seeks to Cement Role as Crypto 'Digital Haven' (https://finance.yahoo.com/news/belarus-seeks-cement-role-crypto-110052907.html) [3] Belarus President calls for tightened crypto regulation to protect investors and economy (https://cryptoslate.com/belarus-president-calls-for-tightened-crypto-regulation-to-protect-investors-and-economy/) [4] Belarus President Pushes for Stronger Crypto Rules (https://bravenewcoin.com/insights/belarus-president-pushes-for-stronger-crypto-rules)