Belarus to create crypto banks

MINSK. Sept 8 (Interfax) - Belarusian President Alexander Lukashenko has supported the creation of crypto banks in the country, the first deputy governor of the National Bank of Belarus (NBB), Alexander Yegorov said.

"The issue of creating a jurisdiction in Belarus that would make it possible for an institution like a crypto bank to exist was discussed at the meeting [with the president on Friday]. The president general supported the draft decree," Yegorov was quoted as saying by the NBB's press service.

"Within a month the NBB and the government will prepare such draft decree, which will be submitted to the head of state," he said.

"All decisions must be made so that potential investors, coming here, clearly understand the rules of the game. Guarantees will essentially be at the level of the state and signed by the president in the form of a decree," he said.

"Judging by the turnover figures of our crypto exchanges, by potential demand for an institution like a crypto bank, current and future regulation of this area in Belarus will certainly be attractive for foreign investors," Yegorov said.

Lukashenko held a meeting with the government and NBB on Friday at which he called for changes to regulation of the circulation of cryptocurrencies in Belarus, citing "violations found in the registration of financial transactions."

"Belarusian investors' money transferred abroad does not return in half the cases," Lukashenko said.

He said it is necessary to clearly define the objectives of the government and High Technology Park in the area of crypto technology soon, taking into account gained experience and competencies.

However, new legal regulation must enable honest companies from Belarus and foreign investors "to continue to peacefully work in our digital harbor," Lukashenko said.