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A crypto bank will be able to issue loans secured by cryptocurrency. This was announced by Aliaksandr Yahorau, First Deputy Chairman of the Board of the National Bank of Belarus, commenting on the decree on a crypto bank signed today.
“In addition to the instruments that crypto exchanges currently have, the list of operations that a crypto bank will be able to carry out will be expanded. For example, operations such as lending secured by cryptocurrency. For certain investors, this could be quite an interesting option. For instance, for miners who are not ready to immediately exchange mined, say, bitcoins for fiat currency in order to pay for electricity. They will be able to use these bitcoins as collateral when obtaining loans secured by this collateral and settle payments using borrowed funds, while keeping the bitcoins in their wallets,” he said.
In his view, this will provide an additional incentive for investors linked to the crypto industry to enter the market. Yahorau also said that the decree creates an opportunity for the self-employed to receive salaries in cryptocurrency. Individuals will be able to obtain bank cards through a crypto bank that are linked to cryptocurrency accounts.