By Bentley Kapoor (India)
On November 12, a news reported that another bank is going to join the crypto club.
Further details of the news suggested that Belarusbank had announced that it will soon launch its crypto services. The bank is the largest commercial bank operating in Belarus. On its website, the bank had informed that crypto exchange services will be offered by the alongwith traditional services.
The news of Belarusbank intending to launch crypto exchange services went viral on Prime Press – a local news agency. The agency also informed that the bank is in the process of introducing smart visa cards. These cards will be made available to its customers who want to buy, sell or trade in digital currencies. It was further highlighted that the trade of crypto assets can be done through fiat currencies. United States dollars as well as Euro are included in the fiat currencies through which crypto assets can be traded.
A spokesperson of Belarusbank had informed that a few years bank wanted to integrate digital transformation. He told that the current initiative of launching crypto exchange services is part of its digital transformation plan.
Also read:He also told that in its initial phase of operations, crypto services will be provided to Russian and Belarusian customers. But in the future its crypto services will be provided for other countries as well. Currently the number of cryptocurrencies available for trading are limited. It was informed further that in the future more cryptocurrencies will be enlisted for smooth operations of crypto services.
It has been told that the launch of crypto services is result of the partnership entered with Whitebird. It was informed that in the year 2018 Belarusbank and Whitebird had executed the partnership agreement. The partnership was mutualized for exploring global crypto industry and its growth and its possible integration within Belarus in future.
In Belarus, the bank had become the first bank of the country who had proposed to launch crypto currency services as well. Otherwise there had been only crypto exchange firms which were offering such services to Belarusian customers.
More importantly, the country’s regulations regarding crypto are friendlier as compared with other countries.
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