Belarusian President Alexander Lukashenko is urging the country’s banks to step up their use of cryptocurrencies, acknowledging that Western sanctions have put heavy pressure on the national economy.
In a meeting with central and commercial bank officials, Lukashenko stressed that digital tokens should play a bigger role in financial operations. He noted that crypto-based payments through local exchanges like Binance, OKX, and KuCoin have already hit $1.7 billion this year, with estimates suggesting volumes could reach $3 billion by year’s end.
Belarus currently has more than 800,000 crypto users, a number expected to keep rising. Lukashenko has recently called for clearer regulations around digital assets, while also promoting new payment technologies such as QR codes, instant transfers, and biometric systems.
The country has shown a mixed stance on crypto in the past—legalizing mining and trading in 2018, yet banning peer-to-peer transactions outside licensed exchanges. Still, with shrinking exports and mounting sanctions, Lukashenko appears ready to lean more heavily on digital finance to soften the economic blow.
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