Belarus is expanding crypto use to boost external payments: President Alexander Lukashenko directed banks to scale cryptocurrency transactions and digital payment systems, saying crypto-based external payments could rise from $1.7B to an estimated $3B by year-end.
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Belarus aims to expand crypto-based external payments to roughly $3 billion by year-end.
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President Lukashenko instructed banks to adopt QR-code payments, biometric ID and an instant payment system.
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Statista projects crypto user penetration in Belarus may reach 9.57% by 2026 (≈855,000 users).
Belarus crypto payments set to double to $3B by year-end — read how banks will expand crypto use and digital payments. Stay informed with COINOTAG.
What is Belarus planning for crypto-based external payments?
Belarus plans to increase the role of cryptocurrency exchanges and digital payment tools to grow external payments via crypto. President Alexander Lukashenko said the volume of crypto-based external payments rose to $1.7 billion in seven months and could reach about $3 billion by year-end.
He delivered instructions to central and commercial bank leaders to expand token use and digital payment systems to offset sanctions-driven trade friction.
How did Lukashenko direct banks to expand crypto and digital payments?
Lukashenko instructed banking leaders to: adopt QR-code payment solutions, deploy an instant payments system before year-end, prioritize biometric identification and create a domestic IT company to reduce external provider reliance. He framed digitalization as a tool for measurable economic results, not a goal in itself.
Why does Belarus emphasize crypto expansion now?
Front-loaded answer: Sanctions-related export declines have pushed Belarus to explore crypto and digital payments as alternative channels for international transactions. Officials say anonymous, decentralized tokens can facilitate cross-border trade where conventional banking faces restrictions.
Belarusian authorities have a mixed regulatory history: the country legalized crypto transactions in 2018, later moved to restrict peer-to-peer trades, and in 2024 banned individuals from buying or selling crypto off domestic exchanges.
What do official data and expert estimates show about user adoption?
Statista projects Belarus could have more than 855,000 crypto users by 2026, reaching roughly 9.57% penetration of a 9.1 million population. Lukashenko cited domestic exchange activity reaching $1.7 billion in seven months and referenced expert estimates suggesting up to $3 billion by year-end.
Frequently Asked Questions
Can Belarusian exchanges legally handle all crypto trades?
Belarus currently requires individuals to trade on domestic exchanges after 2024 legislation limited off-exchange buys and sells. Exchanges operating inside Belarus must comply with national rules and banking directives.
Will sanctions make crypto the primary route for Belarusian trade?
Crypto is being positioned to supplement, not replace, traditional trade. Officials expect crypto to increase external payment volume but emphasize regulatory control, banking integration and digital systems to ensure traceability and economic benefit.
Which exchanges operate in Belarus and are mentioned by officials?
Officials referenced exchanges operating in the country, including Binance, OKX and KuCoin, while noting domestic policy requires use of national platforms for individual trading.
Key Takeaways
- Immediate growth target: Lukashenko projects crypto-based external payments may rise to ~$3B by year-end from $1.7B in seven months.
- Bank directives: Banks must adopt QR payments, instant settlement and biometric/AI tools to expand crypto use.
- Regulatory context: Belarus legalized crypto in 2018, later constrained some peer-to-peer trades and now mandates domestic exchange use for individuals.
Conclusion
Belarus is increasingly turning to cryptocurrencies and digital payment infrastructure to mitigate sanctions-driven economic pressure. Belarus crypto payments are positioned as a pragmatic, state-supervised channel to support external transactions, while authorities prioritize regulatory control, biometric security and domestic technology. COINOTAG will continue monitoring implementation and official data as the year progresses.
