Belarusbank announces launch of crypto services

The bank’s partnership with White Bird has culminated in a Bitcoin buying service

Belarusian bank Belarusbank, Vitebsk, Belarus
Belarus has taken a positive stance on cryptocurrencies in the past

One of the largest credit institutions in Belarus, Belarusbank has announced that its partnership with an over the counter broker named White Bird has finally culminated into the successful launch of a Bitcoin buying service.

An announcement that was released by the Belarusbank detailed how their partnership with White Bird began in the fall of 2018. The company is the first and only legal cryptocurrency exchange operator that is located in the Commonwealth of Independent States (CIS) countries, as well as in Georgia and Ukraine. White bird is currently based in Hi-Tech Park.

Citizens of Belarus and Russia can transact on the cryptocurrency exchange, and there are plans to expand the list of countries whose citizens will be able to exchange crypto for Belarusian and Russian rubles, euros, and US Dollars in the future.

“In addition, the plans for the development of the joint project whitebird.io include expanding the list of cryptocurrencies available for exchange, as well as providing a number of additional services at the junction of the traditional economy and innovative financial technologies”, an article by the Prime Press revealed.

The head of Belarusbank’s digital transformation department, Victor Bezrukov, hinted at plans for further expansion within the crypto industry.

“We are not going to stop there. In the near future we will announce another project in the crypto industry”.

Belarusbank is currently capable of offering Bitcoin (BTC) purchases, with Litecoin (LTC) and Ether (ETH) on the way.

Belarus has had a largely positive attitude towards cryptocurrency. Many videos published on Youtube detailed how the country was using state-powered nuclear energy to mine Bitcoin and contribute to the global hash rate that is securing it.

Alexander Lukashenko, the President of Belarus, signed a decree that legalised cryptocurrencies and ICOs and also declared cryptocurrencies tax-free for at least five years.

However, there appears to be unrest in the country after the President was found to be cracking down on protestors in the aftermath of an election that was seen as “riddled with irregularities”. Since the independence of Belarus, Lukashenko has won every single election and he was the only politician in the country who voted against the dissolution of the Soviet Union.

Belarusbank was established in July 1991. When it merged with Sberbank of Belarus, it was reorganised in october 1995. The state’s share in the bank’s authorised capital is 99.95 per cent.