Belarus Bank to Set Up a Crypto Exchange Exchange

Belarus Bank to Set Up a Crypto Exchange Exchange

digital asset exchange

Although the cryptocurrency market is currently facing difficulties as regards the unending downtrend, it continues to grow and incorporate into the economy as even smaller countries now seek to have their share of the new digital economy. Example of such countries includes Belarus, whose largest bank is reportedly nursing intentions to establish it’s own cryptocurrency exchange.

Belarus Bank to Set up Digital Asset Exchange

Based on a recent report, Belarus bank is now considering the possibility of establishing a digital asset exchange. According to Viktor Ananich, the bank’s board chairman, this is one of the bank’s visions for 2019 as regards its focus on digitalisation.

While giving a statement, he said that:
“We are considering a possibility to establish a cryptocurrency exchange. We are working on it.”

This the Largest Bank in the Country

Belarus Bank is considered to be the largest commercial bank in the country in terms of the number of branches, the total amount of assets it holds, and other qualities. It offers banking services to individuals and large companies such as Gazprom Transgaz Belarus and Belarusian Oil.

Also, the bank is under the supervision of the State Property Committee of the Republic of Belarus which owns about 99 percent of the bank’s shares.

Although the country is still relatively new to the crypto space compared to others like Malta or Switzerland, it has taken measures to promote the growth of its own cryptocurrency industry.

Such measures include the legalization of digital assets related business activities in March 2018 and the adoption of new regulations which are focused on the creation of better conditions for cryptocurrency exchanges in the future.

The Belarus High Technologies Park

According to a report released in November, about 400 companies have been registered in the Belarus High Technologies Park.

Earlier this month, Belarus was in the news due to its announcement that which is licenced in the country will be launching a new trading platform for tokenised securities. The company plans include the issuance of over 10,000 tokens which will track the underlying price of commodities, indices, and shares.