rewrite this title Belarus Banks Ordered to Speed Up Crypto Adoption

Speaking during a meeting with both central and commercial banks, he stressed that using new technologies, including cryptocurrencies, is no longer optional.

According to a report by the Belarusian Telegraph Agency, Lukashenko urged financial institutions to accelerate their adoption of digital assets for cross-border payments.

He referenced the country’s economic struggles over the past five years and said banks must “act” to keep financial services functioning under pressure.

Crypto transactions in Belarus are already growing, with over $1.7 billion in outbound payments made through exchanges in just the first seven months. Lukashenko stated that this amount could increase to $3 billion by the end of 2025.

Platforms such as Binance

$11B

, OKX

$3.29B

, and KuCoin

$1.09B

continue to operate in the country and are expected to see higher volumes.

Additionally, Lukashenko suggested that QR code-based services should be expanded and called for the launch of a real-time payment system by the end of the year.

One bank, VTB Bank Belarus, already supports QR payments tied to the country’s ERIP platform, which offers users a digital option for routine transactions.

Lukashenko also outlined goals for the financial sector. These include introducing biometric ID systems, using artificial intelligence (AI) to improve efficiency, and creating a domestic IT firm to reduce reliance on foreign technology providers.

Financial regulators in the United States recently issued a statement explaining how licensed exchanges can offer spot crypto trading. What did they say? Read the full story.