Belarus is now promising its citizens an array of services that would let them earn, stake, and spend cryptocurrencies like Bitcoin. This is coming after the country legalized crypto banks. A top central bank executive spoke in detail about the coin-based products that may hit the market as early as this year.
Belarus residents may soon be able to pay with digital assets in brick-and-mortar stores and borrow fiat money using their digital assets as collateral. The information was revealed by Alexander Egorov, the first deputy chairman of the National Bank (NBRB), who spoke about some of the crypto banking services his compatriots may expect in the coming months.
Belarus set to unveil certain crypto-related services soon
Speaking to the government-run First Information Channel, the central bank official mentioned that Belarus is the world’s first country to officially introduce crypto banks to its national financial system. While its global status in that aspect is debated, Belarus certainly became the first country in its region to legalize the operations of such institutions last month. It did that via a special decree signed by President Alexander Lukashenko.
Unlike Switzerland or the United States, where crypto banks are private entities under regulatory approval, Belarus is establishing a comprehensive crypto banking system under state control, Egorov explained to the news outlet. The system would offer “tangible services” for everyone, the official BelTA news agency relayed his statements, noting that the first Belarusian crypto bank may open in 2026.
The deputy governor gave an example with crypto-secured loans, which offer crypto investors an opportunity to use fiat credit while preserving their digital-asset investment: “Imagine this – you have Bitcoin, which is rising in value … You deposit the coins into a crypto bank as collateral. The bank issues you regular rubles. You use the money, repay the loan, and the bank returns your crypto.”
He also mentioned staking, calling it a next-gen depositing that will allow crypto owners to earn passive income while supporting blockchains and getting rewarded for keeping their coins with a bank. Crypto cards are coming to Belarus, too, and Egorov described them as the most understandable and long-awaited product in the sector. He described it as a regular bank card linked to crypto bank accounts. He noted that when they pay for groceries, the bank instantly converts part of the assets into Belarusian rubles.
Residents to earn cryptocurrency legally
Another change that will affect hundreds of thousands of people in Belarus is the legalization of crypto remuneration for self-employed individuals. “When previously, a designer or programmer completed an order for a foreign client who offered to pay with crypto … they couldn’t legally deposit the funds into their account and pay taxes. Now this barrier has been removed,” Egorov added.
The only legal requirement in such cases will be to channel these transactions through a licensed Belarusian crypto bank, the NBRB executive noted. The official is convinced that the model adopted by Belarus will eliminate risks that have ruined some foreign platforms, in his words. The security of the banking services providers will be checked by specialists from the High-Tech Park (HTP) in Minsk, while the monetary authority will conduct traditional financial oversight.
The cryptocurrency banks themselves will verify clients and “X-ray” every transaction, Alexander Egorov added, stressing in conclusion: “This is a bold step that transforms the theoretical potential of blockchain into real economic benefits for every citizen and business.” Belarus has seen a spike in crypto-related transactions over the past few years, amid Western sanctions limiting its residents’ access to fiat channels.
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