Belarusbank, the largest bank in Belarus, has officially launched a cryptocurrency exchange service that enables customers to buy Bitcoin (BTC) using their Visa cards. This move marks a significant step by a traditional financial institution into the digital asset space.
Partnership and Regulatory Framework
The service is provided in collaboration with Whitebird, a cryptocurrency exchange operator registered in Belarus’ Hi-Tech Park, often referred to as the “Silicon Valley of Eastern Europe.” Whitebird operates under the country’s Decree No. 8 “On the Development of the Digital Economy,” which provides a legal framework for crypto-related activities. Belarusbank and Whitebird first entered a strategic partnership in 2018.
Service Details and Process
According to Whitebird’s website, the service allows users to quickly buy or sell Bitcoin against US dollars (USD), Russian rubles (RUB), or Belarusian rubles (BYN) at the best available rate at the time of transaction. All operations are conducted online, and purchases are facilitated through Visa payment cards. Belarusbank plans to add euro support in the future.
Founded in 1991 and merged with Sberbank of Belarus in 1995, Belarusbank is 99.95% owned by the government of Belarus. Its deep-rooted presence and state backing make this crypto service a notable development for the region’s digital economy.
Current Availability and Future Plans
Initially, the service is available only to citizens of Belarus and Russia. The bank’s press service indicated that it plans to extend the service to customers in other countries in the future. Belarusbank also intends to collaborate further with Whitebird to support additional cryptocurrencies and offer more related services.
This launch signals a growing acceptance of cryptocurrencies among traditional banks. By partnering with licensed crypto service providers under a clear regulatory framework, Belarusbank is paving the way for broader institutional adoption of digital assets in Eastern Europe.