Largest Bank in Belarus Could be Launching a Crypto Exchange

Belarusbank, the largest banking provider in Belarus, is reportedly considering setting up a cryptocurrency exchange. According to reports from BelTA, Viktor Ananich, the bank’s chairman of the board, revealed that “efforts are being made” to explore the possibility of launching a cryptocurrency exchange. Ananich said that the bank will dedicate most of its time and resources to the process of digitalization in 2019, as it aims to expand its services. The chairman said that the banking sector often lags behind when it comes to adopting new trends in the digital industry, as it cannot adjust to the fast evolving space. That’s why one of the bank’s aims for the next quarter is to start issuing virtual credit cards, Ananich said.

 If Belarusbank would move ahead with the launching of its digital asset exchange, it could become the first mainstream financial provider in Europe to do so. The bank is owned by the State Property Committee of Belarus and is the leading banking institution in the country, according to its volume of equity, assets, loans, and deposits. According to some estimates, Belarusbank had over $13.5 billion in operating assets in 2017.

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