President of Belarus Calls on Banks to Boost Crypto Usage Amid Economy Downtrend

Jimmy Aki
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On September 9, Belarusian President Alexander Lukashenko told the country’s central and commercial banks to expand their use of cryptocurrency. This move is a strategic response to severe economic pressure from international sanctions imposed due to Belarus’s support for Russia’s invasion of Ukraine.

Crypto as a Potential Mitigation Tool

The directive, reported by the state-owned Belarusian Telegraph Agency, frames digital assets as a mechanism to sustain financial activity despite restrictions.

With traditional export channels constrained, cryptocurrencies offer a potential pathway to facilitate cross-border payments outside of conventional banking networks tied to Western systems.

Economic data underscores the pressure.

While Belarus’s economy grew 3.0% year-on-year in Q1 2025, this was a slowdown from 4.0% in 2024. A primary cause was a significant decline in oil product exports to non-CIS countries, exacerbated by lower global prices and complex sanctions-driven logistics.

Lukashenko argued that crypto adoption could help fill this gap. He said digital tokens provide payment channels that bypass traditional banking networks tied to Western restrictions.

They could sustain exports, improve liquidity, and give businesses access to international partners without relying on blocked trade routes.

The president also cited the existing use of major exchanges like Binance, OKX, and KuCoin as evidence of crypto’s viability.

Reports indicate these platforms processed $1.7 billion in external payments in the first seven months of 2025, with projections suggesting that figure could reach $3 billion by year’s end.

Countries Continue Hot-Red Crypto Adoption

Belarus’s plan to expand crypto adoption is part of a larger global shift. Other countries are also moving to integrate digital assets into their financial systems, though their motivations differ.

In South Africa, Finance Minister Enoch Godongwana announced plans to introduce regulations for cross-border crypto transfers.

The framework is designed to make it easier for businesses and individuals who already use digital assets to move funds securely and with greater clarity.

South Korea is taking another path. The Bank of Korea has created a virtual asset team inside its Financial Payments Bureau. Its mission is to supervise the rise of cryptocurrencies and stablecoins, ensuring that growth does not threaten financial stability.

In Latin America, Bolivia’s central bank signed an agreement with El Salvador’s National Commission of Digital Assets. The partnership formally recognizes crypto as an alternative to fiat currency.

The United States continues to shape the global direction. Since the Trump administration, Washington has pushed pro-crypto policies to strengthen its position as a global leader.

On August 1, the Commodity Futures Trading Commission and the Securities and Exchange Commission launched a joint program called “Crypto Sprint.” Its purpose is to create clearer rules and reduce uncertainty around adoption.

Later that month, Federal Reserve Vice Chair for Supervision Michelle Bowman said the central bank should review its strict ban on staff holding digital assets.

These developments show a clear perspective. Crypto has become more than a speculative asset. It is now viewed by governments as a strategic instrument for resilience, trade, and influence.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.