Belarusian President Urges Banks to Boost Crypto Use Amid Sanctions

Highlights:

• Lukashenko urged Belarusian banks to adopt crypto as sanctions continue hurting the economy.
• He emphasized adopting digital assets widely while ensuring strict oversight and proper regulation.
• The President says cryptocurrency improves payments and gives people stronger control over their money.

Belarusian President Alexander Lukashenko has directed the nation’s banks to boost cryptocurrency usage as ongoing sanctions weigh heavily on the economy. According to the state-owned Belarusian Telegraph Agency, Lukashenko told central and commercial bank leaders that digital assets must see broader adoption. He emphasized that such a vast market should remain accessible, properly regulated, and managed under strict oversight.

The President stated:

“Over the past five years, the national economy, and with it the Belarusian banking sector, has faced unprecedented challenges. The government and the National Bank have been given corresponding instructions. Now, act.”

Lukashenko noted that the National Bank and the broader financial system should focus mainly on keeping prices stable. On digital assets, he mentioned that tokens in finance can cut out intermediaries, enable automatic transactions through smart contracts, and allow people greater control of their holdings. He pointed out that crypto-based payments are now far more frequent, with their role in easing transactions steadily expanding.

JUST IN: 🇧🇾 Belarus President Alexander Lukashenko urges banks to expand crypto use amid sanctions.

Belarus is getting prepared 🚀 pic.twitter.com/WMDhphDAj5

— Bitcoin Magazine (@BitcoinMagazine) September 10, 2025

Lukashenko urged banking leaders to speed up digital payments, starting with QR codes, and introduce an instant payment system by year’s end. VTB Bank Belarus already offers QR code payments through the ERIP online system. He said the digital plan should focus on biometrics and building a local IT company. He also called for adding artificial intelligence solutions to improve the system.

Lukashenko Pushes Crypto Growth in Belarus as Sanctions Pressure Economy

Lukashenko hinted that big exchanges in Belarus like Binance, OKX, and KuCoin might double their external payments this year. Crypto payments are increasing quickly in Belarus, becoming an important part of daily transactions. From January to July, exchanges handled nearly $1.7 billion in cross-border payments. Analysts predict this figure could climb to $3 billion before the year ends. 

Lukashenko’s latest push comes after he urged lawmakers last Friday to create clear crypto rules. The move comes as the economy struggles from falling exports under sweeping EU and US sanctions tied to its support for Russia’s war in Ukraine. Because of their decentralized and often anonymous nature, cryptocurrencies have been among the tools used by nations like Russia and North Korea to bypass sanctions and facilitate trade.

BREAKING: PRESIDENT OF BELARUS JUST URGED HIS COUNTRY TO ADOPT #BITCOIN AND CRYPTO IN CABINET MEETING

"WHOEVER SETS THE TREND WILL GET THE MAXIMUM BENEFIT"

NATION STATE GAME THEORY AT WORK 🔥 pic.twitter.com/liZa2W4hIM

— The Bitcoin Historian (@pete_rizzo_) September 5, 2025

Belarus Expands Cryptocurrency Adoption and Mining Plans

Statista, a well-known provider of market and consumer data, projects that the number of cryptocurrency users in Belarus could exceed 855,000 by 2026. This would mark a significant increase compared to the current base and would represent about 9.57% of the population engaging with digital assets. 

Back in March, under the direction of President Lukashenko, the Mogilev region began preparations for setting up cryptocurrency mining farms. Soon after, officials disclosed wider plans to grow cryptocurrency mining operations. The focus was on using Belarus’s surplus electricity for these activities. This move was seen as partly aligned with strategies once discussed by former U.S. President Donald Trump. It highlighted Belarus’s aim to turn its energy resources into a driver for digital asset growth.