Belarusian President Advocates Crypto and Cash Adoption Amid Sanctions

Belarusian President Aleksandr Lukashenko has urged the nation's financial sector to accelerate cryptocurrency and cash payment adoption, framing them as critical tools for economic resilience. The directive comes as Belarus faces extensive sanctions due to its support for Russia's invasion of Ukraine and alleged human rights abuses.

"Cryptocurrency-based transactions are more active than ever, and their role in facilitating payments is growing," Lukashenko stated during a meeting with central bank and commercial banking leaders. He emphasized the need for regulatory oversight, instructing financial institutions to MOVE swiftly on implementation.

Lukashenko criticized banks for customer mistreatment, including coercive insurance practices and rejection of older dollar bills, warning of disciplinary action starting in 2026. "Don't think only in terms of profit," he admonished, citing rising fees and questionable lending practices.

The president called for an instant payment system by year-end to enhance liquidity through real-time bank transfers. He also highlighted cryptocurrency as a potential workaround for maintaining trade flows under sanctions. Belarus's Gold and foreign exchange reserves reportedly stand at $12.5 billion, bolstered by gold acquisitions.