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09/10/2025

Belarus Pushes to Expand Cryptocurrency Use Amid Tightening Sanctions

Belarusian President Alexander Lukashenko has called on the country's banks to expand their use of cryptocurrency, framing it as a key solution for keeping the economy running as Western sanctions continue to tighten. At a meeting with the leadership of the National Bank and commercial banks, Lukashenko stressed that crypto-based transactions are becoming increasingly active. In just the first seven months of 2025, crypto exchanges in Belarus processed

Belarus Pushes to Expand Cryptocurrency Use Amid Tightening Sanctions

Belarusian President Alexander Lukashenko has called on the country's banks to expand their use of cryptocurrency, framing it as a key solution for keeping the economy running as Western sanctions continue to tighten.

At a meeting with the leadership of the National Bank and commercial banks, Lukashenko stressed that crypto-based transactions are becoming increasingly active. In just the first seven months of 2025, crypto exchanges in Belarus processed foreign payment volumes totaling $1.7 billion — a figure that could reach $3 billion by year's end.

Major international exchanges including Binance, OKX, and KuCoin are all operating in Belarus, contributing significantly to this growth. According to Statista data, the number of crypto users in Belarus is projected to surpass 855,000 by 2026, equivalent to nearly 10% of the country's total population.

Beyond promoting crypto, Lukashenko also directed the banking system to accelerate adoption of digital technologies such as QR code payments, instant transfer systems, biometric technology, and artificial intelligence (AI) solutions. "Banks must make the most of modern technology. Digitization is not just a goal — it needs to deliver clear economic results," he stated.

Belarus has taken a fairly flexible stance on cryptocurrency in recent years. In 2018, the country legalized the trading, exchange, and mining of digital assets. However, starting in 2023, the government had considered banning peer-to-peer (P2P) transactions in a move to tighten oversight. More recently, Lukashenko has also directed the development of the crypto mining sector, citing Belarus's surplus electricity capacity.

With an economy already strained by export dependency and facing sanctions from the EU and the US over its support for Russia in the Ukraine conflict, expanding the use of cryptocurrency and digital payment systems has become a core part of Belarus's economic survival strategy.