Belarusbank will launch a legal service for the exchange of cryptocurrencies

[TravelMug]

Good news for Belarus,

Belarusbank, the largest bank in Belarus, has partnered with "White Bird" to give opportunities to Belarusian, to buy crypto currencies using Visa payment cards.

Belarusbank will launch a legal service for the exchange of cryptocurrenciesMINSK, November 12 - PrimePress. JSC "ASB Belarusbank" and the company "White Bird" from November 13, 2020 will provide an opportunity to buy and sell cryptocurrencies using Visa payment cards. The press service of the bank reports.

The bank noted that the program for the digital transformation of a financial institution was announced for several more years, while a strategic partnership in the implementation of a cryptocurrency exchange service became part of this program.

https://primepress.by/news/finansi/belarusbank_zapustit_legalnyy_servis_po_obmenu_kriptovalyut-26425/

I'm sure that there could be fees, high fees included it as banks needed to make money.

But in any case, this is a good opportunity for them as far as I know Belarus is open to crypto or we can even say they are crypto friendly nation.

Belarus among top ten crypto-friendly states in Europe.

[Darker45]

I wonder what the exact role of the bank is in this particular arrangement, or if it is still necessary in the picture. WhiteBird is a legally recognized and licensed cryptocurrency exchange. If it accepts Visa payment for the purchases of cryptocurrency then everything could just be done directly between the client and the exchange.   

Anyway, this is still good news. It is unusual for a nation's largest bank, especially if its capital is 99.95% owned by the government, to offer cryptocurrency exchange services.

[joniboini]

It's probably just a move to show that they 'legally' allow their customers to use the bank account for cryptocurrency-related activities, hence why they charged money. In the end, it's just to get more money.

[Baofeng]

It's probably just a move to show that they 'legally' allow their customers to use the bank account for cryptocurrency-related activities, hence why they charged money. In the end, it's just to get more money.

Yes, it gives me a chuckle to see they used the word 'legally', lol, it crypto illegal in Belarus? I thought they are just friendly and welcoming to crypto? In any case though, nothing to lose here, if they used Belarushbank to acquire crypto then fees are definitely charge to customers. You can acquire crypto and then hope that you will get a decent profit to cover those fees and expenses.

[Harlot]

It might be a good thing but I don't know how will it play out with the current situation Belarus is at, in the past months I've seen news about protests against the government as well as recently I am seeing news that nothing has changes with their situation. Yeah I know people have the option to transfer all of their money from BYN to Cryptocurrencies but the thing is since this is tied to a bank the government will have the power to track it still even if they don't use credit cards so I don't think this is really a good option for them.