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Speaking at a meeting with the National Bank and commercial lenders on Sept. 9, Lukashenko said the financial system needs to adapt quickly to global changes. He pointed to cryptocurrency transactions as a practical way to ease challenges in foreign trade and cross-border payments.
“Today, cryptocurrency-based transactions are more active than ever, and their role in facilitating payments is growing,” he said. The president noted that payments made through crypto exchanges had already reached $1.7 billion in the first seven months of 2025 and could continue climbing.
Lukashenko argued that adopting digital assets would help banks eliminate intermediaries, automate transactions with smart contracts, and enhance overall transparency. But he also called on regulators to introduce clear rules to strike a balance between innovation and oversight, warning that a market of this size demands “effective regulation and reasonable control.”
Calls for stronger oversight
Lukashenko’s comments follow a series of earlier government meetings on digital finance. On September 5, he instructed officials to introduce “transparent rules of the game” for cryptocurrencies, criticizing delays in drafting a regulatory framework. According to him, the absence of clear oversight risks leaving Belarus behind technologically while creating loopholes for misuse.
 
The president acknowledged that violations had already surfaced, with half of investor funds transferred abroad via local crypto platforms failing to return, according to a State Control Committee report. He stressed that new rules must protect citizens, guarantee financial stability, and encourage both domestic and foreign participation in Belarus’ “digital haven.”
Inflation pressures push crypto agenda
Lukashenko first raised the issue of cryptocurrency in August during discussions with National Bank chairman, Roman Golovchenko, asking how digital assets could be used to support the banking system at a time of sanctions and inflation. Consumer prices grew 7.4% year-on-year in July, well above the state’s 5% target.
Belarus has seen a surge in ruble deposits this year, alongside a faster shift away from the U.S. dollar. President Lukashenko said the push to bring Bitcoin and other digital assets into the banking system could strengthen the country’s resilience while keeping it in step with global financial trends.
“The world is rapidly evolving…Victory belongs to those who can first harness these innovations and foresee the future,” Lukashenko said, calling on banks to speed up their digital strategies while maintaining public trust.