According to a report by regional news outlet BeITA, Belarusbank, the biggest bank in Belarus, is thinking about the launch of its own cryptocurrency exchange platform.

The preparation for the exchange were exposed by Viktor Ananich, the Chairman of Belrusbank’s board. Consulting with Belarus 1 TELEVISION channel, Ananich mentioned:

“We are considering a possibility to establish a cryptocurrency exchange. We are working on it.”

The bank is seeking to magnify its focus on digitization, and it is supposedly looking for methods to broaden its series of services by forming alliances with numerous mobile company. In addition to the reported cryptocurrency exchange, BeITA likewise specified that the bank remains in the procedure of providing virtual cards quickly.

Ananich included, “Digitalization-related projects will be virtually exclusive in nature. However, at present, things are changing very fast, and we need to keep up with them.”

It is commonly hypothesized that Belarusbank’s efforts will go on rather efficiently, specifically thinking about that the federal government of Belarus currently legislated cryptocurrency-related activities to be performed in the nation in 2015. President Alexander Lukashenko signed a governmental decree that presented detailed legislation and enabled the legalization of the crypto sector.

The governmental decree, entitled “On the Development of the Digital Economy” entered impact on March 28, 2018. To motivate the advancement of the digital economy in the nation, the governmental decree offered legalization of crypto-related activities in the nation and likewise presented tax reliefs for crypto-based organizations, which will last till January 1, 2023.

Belarusbank’s efforts will remain in comparable design to that of Japanese monetary services huge SBI Group. The monetary providers partnered with Denmark-based blockchain start-up Sepior in October 2018. In a released news release, Sepior revealed that SBI would by utilizing its “threshold signature” wallet innovation with its VCTRAADE exchange to guarantee “on-line contents and transactions.”

SBI Virtual Currencies, a subsidiary of SBI Holdings, introduced VCTRADE in June 2018 and it ended up being the very first government-licensed and bank-backed cryptocurrency exchange. At its beginning, VCTRADE offered assistance for XRP, although trading in Bitcoin (TC) and Bitcoin Cash (BCH) were revealed later on.

Previously this month, significant crypto exchange Bitstamp revealed its collaboration with Swiss online bank Dukascopy to perform Bitcoin deals on behalf of the bank. The regards to the arrangement state that customers will have the ability to make Bitcoin transfers to their accounts, transform them to fiat currency, and make trades on the Swiss Forex market.

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