Belarus, the largest financial institution in Belarus, is reportedly launching a cryptocurrency exchange service.

According to a November 12 report by the local news agency Prime Press, Belarusbank is launching a service that allows users to exchange cryptocurrencies using a Visa payment card. As reported, the new service allows you to trade cryptocurrencies in fiat currencies such as Belarusian rubles, as well as US dollars and euros.

The management of the Bank of Belarus reportedly announced that the launch of the new crypto service is in line with the company’s digital transformation program, which was announced several years ago.

It is reported that the new service is available for residents of Belarus and Russia. The report notes that the bank also plans to expand the list of countries supporting the service in the near future, in addition to the list of supported cryptocurrencies.

According to the report, the new feature is the result of Belarus’ partnership with local cryptocurrency payment operator Whitebird. Before the new service was introduced, the two companies teamed up to explore the crypto industry in 2018.

The Belarusian Bank is undoubtedly one of the first banks in Belarus to promote crypto service. The bank initially announced its plans to create a crypto exchange in early 2019.

The development of cryptocurrency activities in Belarus is facilitated by local regulation with an emphasis on cryptography. As previously reported, at the end of 2017, President of Belarus Alexander Lukashenko signed a draft decree on the legalization of the use of digital currencies.

Source: CoinTelegraph