Belarusian President Aleksandr Lukashenko has called on the country’s financial sector to accelerate the adoption of cryptocurrency and cash payments, calling them essential tools for economic resilience.
Lukashenko’s words came during a meeting with central bank and commercial banking leaders, as the country faces sweeping sanctions over its support for Russia’s invasion of Ukraine and alleged human rights violations.
“Today, cryptocurrency-based transactions are more active than ever, and their role in facilitating payments is growing,” Lukashenko said according to local media. To him, the market now requires regulatory oversight, which he instructed the financial sector to move forward with.
He criticized banks for mistreating customers, including forcing insurance on borrowers or refusing old dollar bills, and said any such abuses would lead to disciplinary action starting in 2026.
“Don’t think only in terms of profit,” Lukashenko said, pointing to rising fees, misuse of bank profits, and questionable lending practices.
Lukashenko called for the rollout of an instant payment system by the end of the year, to allow for real-time bank transfers in a bid to improve liquidity. To keep trade flowing amid the sanctions, he pointed to potential cryptocurrency-based turnarounds.
Belarus’ gold and foreign exchange reserves reached $12.5 billion according to the news outlet, buoyed by gold’s rising price.
Earlier this month, Lukashenko pressed regulators to finalize a framework for cryptocurrencies as it moved to cement the country as a crypto-friendly hub. Belarus’ growing embrace of crypto comes amid a sharp de-dollarization trend that has seen it sell $30 million in foreign cash per day this year according to the report.