Belarusbank, the largest bank in Belarus, is thinking of launching a cryptocurrency exchange. The Chairman of the Board of the bank, Viktor Ananich, told the Belarus 1 TV channel as much, according to a report from BelTA, a local information agency, today.
Source: Belarusian Telegraph Agency
In addition to a virtual currency exchange, Belarusbank is also looking into expanding its range of services by working with mobile service providers. One particular new service that is in the pipeline for the bank is a virtual card, which is planned to be launched in the new future.
Digitalisation is not a new phenomenon for the banking industry, not even within Belarus. Back in 2017, the National Bank of the Republic of Belarus based on blockchain technology. As a first step, the blockchain network was implemented within the banking system of the country.
“Digitalization-related projects will be virtually exclusive in nature. However, at present things are changing very fast and we need to keep up with them,” Ananich added.
Belarusbank plans crypto entrance despite the bear market
The interest from Belarusbank comes despite the fact that the cryptocurrency sector is currently in a bear market and demand for virtual currencies is starting to go elsewhere. Just this morning, how demand for cryptocurrencies such as Bitcoin is shifting towards traditional commodities, such as gold, according to Jan Van Eck, the Chief Executive Officer of Van Eck Associates.
This has seen numerous exchanges and crypto-focused companies having to result to unpleasant measures to stay afloat, which has mainly consisted of letting go of their employees, as .
Nonetheless, large financial institutions are still willing to enter into the cryptocurrency space. Earlier this month, TradeStation Group, the US subsidiary of Monex Group, announced that it plans to later this year under the brand name TradeStation Crypto.
Belarusbank is Considering Launching a Crypto Exchange
Published in Analysys
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