Belarusian leader Alexander Lukashenko wants his country to use cryptocurrencies more often. He sees digital money as a way to boost the nation’s economy. This push comes as Belarus faces tough international financial penalties. Lukashenko is especially keen on using crypto for payments across borders.
The National Bank of Belarus, now led by Roman Golovchenko, has put forward new laws. These changes aim to make it easier for people and businesses to use cryptocurrencies. Golovchenko met with the President to share these ideas. He noted that the country’s crypto market is already growing strong.
Crypto’s Roots in Belarus
Much of Belarus’s crypto activity centers around the High-Tech Park, known as HTP. This special zone started under Decree No. 8, called “On the Development of the Digital Economy.” Lukashenko himself signed this decree back in late 2017.
The HTP setup legalized crypto mining and trading. It also attracted tech companies by offering tax breaks and other perks. For years, this park has been the main spot for digital asset businesses. But as the crypto world changes, officials believe the old rules need an update. Golovchenko, who used to be prime minister, said that how crypto is used has changed a lot. This means it’s time for a deep look at the current laws.
A Plan for Big Changes
During his talk with Lukashenko, the central bank head made it clear: digital currencies are here to stay. He stressed that Belarus must fit into this global trend the right way. The planned changes aren’t just about controlling the crypto market. They also aim to add digital assets into the country’s financial strategy. This step could help make the economy stronger, especially given the global sanctions.
Golovchenko mentioned that these new proposals will be discussed soon. A special meeting will look at ways to expand the use of cryptocurrencies. They will also explore other digital financial assets for payments, both inside Belarus and with other countries.
President Demands Quick Action
Lukashenko showed he’s not happy with how slowly things are moving. He directly asked Golovchenko about what’s next for crypto payments. The President reminded him that he had talked about this with Pavel Kallaur, the previous head of the central bank. Lukashenko also pointed out that tech experts are pushing for real action.
“How can we use it, especially now, to facilitate payments?” Lukashenko asked. He highlighted that the local crypto market is still quite small. It needs clear rules to really grow.
Following Russia’s Playbook
This push for new crypto rules comes shortly after Russia made a similar move. Russia, a key political and military partner for Belarus, set up an “experimental legal regime” for crypto deals. This was designed to help cross-border payments. It’s a way around the tough Western sanctions Russia faces after invading Ukraine.
Belarus, which also faces sanctions for supporting Moscow, seems to be doing the same thing. They want to keep their international trade going. These new rules could open up fresh ways to pay. They would offer other options when traditional financial routes are blocked by restrictions.