MINSK, 27 February (BelTA) – During a joint meeting of the two chambers of the National Assembly of Belarus on 27 February, Chairman of the Board of the National Bank of Belarus Roman Golovchenko outlined the advantages of cryptobanks for citizens and businesses, BelTA has learned.
“The legislative formalization of cryptobank operations gives a new impetus to the development of the financial sector. Decree No. 19 provides a unique opportunity to introduce hybrid financial institutions that combine traditional banking operations with token-based transactions,” Roman Golovchenko said.
When asked about the benefits that the National Bank sees for citizens and businesses, the chairman replied: “First, a unified balance sheet. Companies will no longer need to juggle between a bank account and an exchange account. Second, reduced risks of account freezes, since cryptobanks will be supervised by the National Bank, making their operations transparent to regulatory authorities. Third, an expanded range of services for individuals. Loans secured by cryptocurrency, crypto-deposits, crypto-cards enabling payment for goods and services, and even the possibility of receiving salaries in cryptocurrency,” Roman Golovchenko noted.
The National Bank, together with the government, is currently regulating the creation and operation of cryptobanks. “I would note that several major financial institutions, both domestic and foreign, are already showing interest in this decree, which is quite groundbreaking even by international standards. The first applications from investors and market participants will be processed by this summer,” Roman Golovchenko added.
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