Belarusbank Announces to Launch Cryptocurrency Exchange Service

Belarusbank, the largest bank in Belarus, is reportedly launching a cryptocurrency exchange service, allowing customers to buy and sell cryptocurrencies using Visa cards.

​It is reported that Belarusbank's new cryptocurrency exchange service is in collaboration with bitcoin exchange service provider Whitebird. Furthermore, the services will be available to the bank's customers in Belarus and Russia initially. The bank, additionally, has plans to add more countries to this list as well as expand the list of offered digital currencies.

Belarusbank executives reportedly said that the launch of the new crypto service comes in line with the company's digital transformation program that was announced a few years ago.

Founded in 1991, Belarusbank merged with Sberbank of Belarus in 1995. The government of Belarus owns 99.95% of the bank's capital. In 2018, the bank entered into a strategic partnership with Whitebird, a resident of Belarus' Hi-Tech Park, which is also known as the Silicon Valley of Eastern Europe. Whitebird operates under Belarus' legal framework and in accordance with Decree No.8 of the President of the Republic of Belarus "On the development of the digital economy" and related decisions of the supervisory board of the Hi-Tech Park.

"This is a service that allows you to quickly buy or sell bitcoin (BTC) for USD [U.S. dollars], RUB [Russian rubles], BYN [Belarusian rubles] at the optimal rate at the time of the transaction," Whitebird's website details, adding that "The service works online" and "the purchase and sale procedure takes place using Visa payment cards." Belarusbank plans to add buying bitcoin with euros in the future.