Belarus | 2021

Digital currency Adoption and trends in Belarus in 2021



of Belarusians
own digital currency

How many digital currencies owners are there in Belarus?

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

What is the nature of Digital currencies like in Belarus?

The Republic of Belarus is famous for its favourable conditions for carrying out digital currencies-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 digital currency 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 digital currencies business in Belarus.(2)

Belarus – the new capital of Digital currencies?

Belarus has made a bold leap to encourage the use of digital currencies. 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) 

Digital currencies’s rising popularity in Belarus

  • Coindesk: Belarus Aiming for More Control Over Digital Economy, Digital currencies Exchanges – March 2021
    Belarus President Alexander Lukashenko mentioned digital currencies 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 digital currencies 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 digital currencies mining – February 2021
    Belarus is studying the digital currency 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 digital currency mining. Minister Viktor Karankevich said that the digital currencies 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 digital currencies exchange service – November 2020
    Belarusbank, the largest financial institution in Belarus, is reportedly launching a digital currency 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 digital currencies, which it says is the world’s first regulated tokenized securities exchange.

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