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Aliaksandr Yahorau, First Deputy Chairman of the Board of the National Bank, explained why Belarusians need crypto banks in his author’s programme on Belarusian television. A decree regulating the operation of crypto banks was signed recently and will come into force this summer.
Yahorau cited examples of failed crypto exchanges and start-ups, stressing that Belarus has done everything to prevent such outcomes.
“Cryptocurrencies today are not just lines of code on a computer, they are a gigantic market. At peak moments, its total value exceeded 3 trillion dollars. To understand the scale: this is more than the combined value of all the largest companies in some European countries. The scale is so large that even in the United States Trump is adopting laws on technological leadership, such as the Genius Act, an act to support talent.
The essence is simple: countries have entered a fight for brains and capital in the services sector. Those who do not create clear rules today will find themselves on the sidelines of progress tomorrow. Switzerland is often cited as an example, and its Sygnum bank is indeed an advanced institution. But it is important to understand the fundamental difference: in Switzerland or the United States, crypto banks are private initiatives of individual banks that managed to reach agreements with the regulator. In Belarus, however, what is being created is not just a bank, but an entire, fully fledged state system. Decree No. 19 is not a permit for a single company, it is the architecture of the entire financial sector of the future,” he said.
According to Yahorau, crypto banks will be able to provide various financial services, but he highlighted three of the most straightforward ones.
“First is a loan secured by crypto. Imagine the situation: you own bitcoin, which is rising in value. You need money for home repairs or to buy equipment, but selling the asset now is unprofitable. You transfer the coins to a crypto bank as collateral. The bank issues you ordinary rubles, you use the money, repay the loan, and the bank returns your crypto to you. You solve your tasks while preserving your investment.
Second is ‘staking’, or so-called deposits of a new generation. This is a modern analogue of a bank deposit. You place your digital assets in a bank account to support the operation of global blockchain networks. In return, the bank pays you a reward. This is a transparent, absolutely legal way to receive passive income from your savings under the protection of the state regulator.
And third is a crypto card. This is the most anticipated and most understandable service. It is a regular bank card linked to your account at a crypto bank. You go to an ordinary shop and pay for groceries. At the moment of payment, the bank instantly converts part of your crypto into Belarusian rubles at the current exchange rate. You live in a digital world without feeling any technical complexity,” he said.
The First Deputy Chairman of the National Bank also noted that the decree on crypto banks grants the self-employed the right to receive payment for their work in cryptocurrencies.
“But there is another fundamental innovation that affects hundreds of thousands of people. Decree No. 19 for the first time allows the self-employed to officially receive payment for their services in cryptocurrency. Previously, if a designer or programmer completed an order for a foreign client and was offered payment in crypto, the person found themselves in a grey zone. They could not legally credit this money to an account or officially pay taxes on it. Now this barrier has been removed. The only key condition is that such operations must pass through the infrastructure of a crypto bank. This is not just convenience, it is a revolution in the labour market. The state is telling the self-employed: work with anyone anywhere in the world, use the most advanced payment technologies. Just do it through a licensed bank. This gives people the ability to honestly confirm their income, build a credit history and feel protected,” he said.