Belarusbank, the largest financial institution in Belarus, is launching a cryptocurrency exchange service.
It has been reported by local news agency Prime Press that Belarusbank is rolling out a service allowing users to exchange cryptocurrency by using a Visa payment card.
However, the new service enables trading crypto against fiat currencies like the Belarusian ruble as well as the United States dollar and the euro.
The report said that Belarusbank executives reportedly said that the launch of the new crypto service comes in line with the company’s digital transformation program that was announced a few years ago.
Belarus’ largest financial institution @asb_belarusbank now reportedly allows crypto trading against fiat using a #Visa payment card https://t.co/ubBVH6cc6g — Cointelegraph (@Cointelegraph) November 13, 2020
Likewise, the new service is available to citizens of Belarus and Russia, as the bank is also planning to extend the list of countries supporting the service as well as the list of supported cryptocurrencies in the near future.
The report also stated that the new feature is a result of Belarusbank’s partnership with local crypto payment operator Whitebird. Prior to introducing the new service, the two companies reportedly partnered to jointly explore the crypto industry in 2018.
Belarusbank is apparently one of the first banks in Belarus pushing its own crypto service.
The bank initially announced its plans to set up a crypto exchange in early 2019.
Thus, the development of crypto business in Belarus has been encouraged by local crypto-friendly regulation.