Belarus President Alexander Lukashenko expressed the need to expand cryptocurrency usage to cope with the effects of Western sanctions in meetings with bank and financial regulator representatives.
Call for Expanded Crypto Use
During meetings in September 2025, Lukashenko urged banks and regulators to support the use of cryptocurrencies for transactions. He emphasized the necessity of developing solutions for cross-border payments using cryptocurrencies.
Expected Economic Impact
Predictions suggest that cryptocurrency usage could lead to an annual flow of $3 billion by the year's end. Lukashenko noted, "According to expert estimates, it may reach $3 billion by the end of the year... Now, act."
Belarus's Crypto History
Belarus has previously taken steps to attract crypto projects, such as through tax incentives under the 'Hi-Tech Park' initiative in 2017. However, in 2023, the country faced liquidity issues after restricting P2P crypto transactions, highlighting a state-managed approach to crypto adoption.
Recent initiatives in Belarus regarding expanding cryptocurrency usage underline its effort to adapt to economic challenges posed by sanctions. The state's regulatory approach remains a critical factor in this process.
