Belarus | 2021

Cryptocurrency Adoption and trends in Belarus in 2021



of Belarusians
own cryptocurrency

How many cryptocurrencies owners are there in Belarus?

It is estimated that over 350 thousand people, 3.73% of Belarus’ total population, currently own cryptocurrency.(¹)

What is the nature of Cryptocurrencies like in Belarus?

The Republic of Belarus is famous for its favourable conditions for carrying out cryptocurrencies-business for neighbouring countries, but it is not included in the top of the best. This is primarily due to the ban on paying for products or any services with cryptocurrency if the company is not an HTP resident. At the same time, transactions with tokens do not require VAT, which significantly improves the position of the cryptocurrencies business in Belarus.(2)

Belarus – the new capital of Cryptocurrencies?

Belarus has made a bold leap to encourage the use of cryptocurrencies. On December 21, 2017, the President of Belarus signed into law  “The Development of a Digital Economy” (“Law”). Since coming into effect on 22 March 2018, businesses based on blockchain technology have become legally regulated in the Republic of Belarus. (3) 

Cryptocurrencies’s rising popularity in Belarus

  • Coindesk: Belarus Aiming for More Control Over Digital Economy, Cryptocurrencies Exchanges – March 2021
    Belarus President Alexander Lukashenko mentioned cryptocurrencies during his meeting with senior government officials on Tuesday, saying the current regulation of the industry should be changed, according to a local news agency. Lukashenko said the government, the National Control Committee and the country’s central bank should “clarify some regulatory norms and establish necessary control” over cryptocurrencies usage in Belarus, Belarusian news agency Belta reported. The country should also establish a special governmental body to control the development of digital economy, using China’s regulatory practices as an example, Lukashenko said.

  • Cointelegraph: Belarusian government explores potential move into cryptocurrencies mining – February 2021
    Belarus is studying the cryptocurrency industry for a potential move into mining digital coins like Bitcoin (BTC). The Ministry of Energy of the Republic of Belarus officially announced Friday that it is actively exploring the pros and cons of cryptocurrency mining. Minister Viktor Karankevich said that the cryptocurrencies mining industry is rapidly growing all over the world in countries like China, the United States, Canada and Russia.

  • Cointelegraph: Belarus’ largest bank reportedly launches cryptocurrencies exchange service – November 2020
    Belarusbank, the largest financial institution in Belarus, is reportedly launching a cryptocurrency exchange service.

  • Cointelegraph: Belarus Banks Announce Upcoming Token Pilot Program – June 2020
    Belarus Central Bank authorizes several banks in the country to begin issuing tokenized offerings.

  • Reuters: Belarus allows traders to buy shares with bitcoin – January 2019
    Belarus launched a platform on Tuesday allowing traders to buy shares, gold, foreign exchange and other traditional assets with cryptocurrencies, which it says is the world’s first regulated tokenized securities exchange.

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