The first cryptobank may be created in Belarus

The first deputy chairman of the National Bank of Belarus, Alexander Egorov, proposed to create a cryptobank in the country. The initiative was discussed at a meeting with President Alexander Lukashenko and received his support.

According to Egorov, the project will be formalized by decree of the head of state, which will allow investors to receive guarantees at the state level. Within a month, the National Bank and the government will prepare a document to be submitted to the president for signature.

Belarus will be one of the first countries in the world to implement such an experiment. Currently, cryptobanks operate in Switzerland, Singapore, and one of the US states, but different models are used in each jurisdiction.

Egorov noted that it is proposed to create a cryptobank in Belarus in the form of a non-bank commercial financial organization (NCFO). At the same time, he stressed that such structures will not attract citizens' money in order to eliminate the risks associated with the volatility of cryptocurrencies. The experimental regime is supposed to be introduced for three years, with possible legislative adjustments.