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Belarus President Alexander Lukashenko has intensified his push for Belarus crypto adoption, telling central and commercial banks that digital tokens must play a larger role in both domestic finance and cross-border payments. His remarks, reported by state agency BelTA on Monday, framed cryptocurrencies as a key tool for overcoming what he called “unprecedented challenges” facing the Belarusian economy since 2020.
Western sanctions from the European Union, United States, United Kingdom, and Canada have hit Belarus’ banking, energy, defense, and transport sectors hard in recent years. Lukashenko argued that crypto could help cushion the impact.
“They waited for us to fall to our knees. But today we can say (perhaps even with confidence): we are not bankrupt, we have managed,” — Alexander Lukashenko, President of Belarus, during a meeting with financial leaders.
His comments underscore the growing link between sanctions and Belarus crypto adoption, as Minsk looks for alternative financial rails outside Western-dominated systems.
Belarus crypto adoption mirrors trends seen in other sanction-hit economies, such as Russia and Iran, where policymakers are exploring blockchain-based settlement systems to bypass restrictions on international banking.
Since legalizing cryptocurrencies in 2018, Belarus has cultivated a domestic ecosystem of exchanges and service providers. Lukashenko noted that local crypto exchanges are “on track to possibly double in external payments by the end of the year,” urging banks to support this momentum.
According to him, digital assets not only reduce reliance on financial intermediaries but also enable programmable payments through smart contracts, offering businesses and individuals more autonomy.
“Cryptocurrencies can help us reduce dependency, speed up transactions, and give citizens better control over their money,” — Lukashenko said, as quoted by BelTA.
This rationale has fueled the latest push for Belarus crypto adoption, which Lukashenko calls “more active than ever.”
Despite its pro-crypto stance, Belarus faces regulatory uncertainty. Last week, Lukashenko warned that nearly half of all funds sent by Belarusian investors to foreign crypto platforms never return. He urged lawmakers to implement “transparent rules of the game and mechanisms for control” to protect citizens and safeguard national financial stability.
Belarus crypto adoption, he stressed, cannot expand sustainably without oversight.
“The government and the National Bank have been given corresponding instructions. Now, act,” — Lukashenko said.
The country has already banned individuals from buying or selling crypto through foreign exchanges, forcing transactions onto domestic platforms. At the same time, Lukashenko has promoted the idea of a state-backed crypto mining sector to exploit Belarus’ surplus electricity supply, echoing similar moves in Russia.
“Subsidizing a domestic mining industry could transform excess energy into exportable digital assets, but it requires strict regulatory balance,” — Arseniy Sivitski, Director of the Center for Strategic and Foreign Policy Studies in Minsk, told Euronews earlier this year.
For international policymakers, the rise of Belarus crypto adoption raises questions about the effectiveness of sanctions in a digital-first economy. Cryptocurrencies can provide states with alternative ways to facilitate trade, store value, and move capital across borders without going through conventional banking channels.
The U.S. Treasury and European regulators have already expressed concerns that sanctioned regimes may exploit digital assets to weaken financial pressure. Belarus’ accelerated pivot suggests crypto could increasingly be used as a geopolitical tool, not just a speculative investment.
Still, risks remain. Without transparent regulation, rapid Belarus crypto adoption could expose citizens to scams, money laundering, and volatility. The government’s call for stronger oversight indicates an awareness of these vulnerabilities, even as it embraces digital finance as a lifeline.
Belarus crypto adoption is likely to deepen as long as sanctions remain in place and traditional financial access is restricted. Whether through expanding exchange activity, state-backed mining, or blockchain-based settlement systems with partners like Russia, Minsk appears committed to embedding crypto into its economic framework.
For policy makers, the case of Belarus highlights the dual-use nature of cryptocurrencies: empowering both innovation and sanctions evasion. For investors, it underscores how geopolitical events can drive adoption trends in unexpected ways.
As Lukashenko presses forward, the question is not whether Belarus crypto adoption will grow but whether it will be shaped by clear rules that protect users, or by ad-hoc measures that risk fueling instability.
