Belarusbank Launched Cryptocurrency Exchange Service
Belarusbank, the leader in terms of equity capital, assets, loans and deposits.
Belarusbank began to provide a cryptocurrency exchange service. Now users of the service provided by the bank can buy and sell cryptocurrency using cards of the international payment system Visa. The service will be available only to citizens of Belarus and the Russian Federation. The launched service will allow exchanging, buying and selling cryptocurrencies using the national currency, Russian rubles, US dollars and Euros.
In the future, an increase in the list of services provided and supported cryptocurrencies is envisaged. As the bank promised, “ to provide more services at the intersection of the traditional economy and innovative financial technologies . ” A representative of Belarusbank said that the launch of a new cryptocurrency exchange service is one of the stages of the digital conversion plan announced earlier. The chairman of Belarusbank Viktor Ananich, back in January 2019, made a statement that the bank was considering the possibility of organizing an exchange platform for cryptocurrency trading.
In December 2017, the President of the Republic of Belarus Alexander Lukashenko signed the decree “ On the Development of the Digital Economy ”. After the adoption of the decree, the cryptocurrency in the republic received legal status. The decree provides for the exemption of the industry from taxation until 2049, gives citizens the right to own, exchange, buy and sell cryptocurrency in Belarusian rubles and foreign currency.
Belarus also has a high technology park (HTP) – a special tax and legal zone for the development of IT business. It is not a free economic zone, but it is a jurisdiction that functions according to the principle of extraterritoriality. All cryptocurrency transactions carried out by companies and individual entrepreneurs registered in the park are exempt from tax.
In the Republic of Belarus, transactions using digital currencies do not require special permission.