Lukashenko notes record levels of cryptocurrency transactions

MINSK, 9 September (BelTA) – Cryptocurrency-based transactions at the moment are extra energetic than ever earlier than, Belarusian President Aleksandr Lukashenko stated at a gathering with the administration of Belarus’ Nationwide Financial institution and heads of industrial banks on 9 September, BelTA has realized.

On the assembly, the Belarusian president set the duty to develop the scope of utility of digital tokens, which is one of an important areas of the digital improvement of the nationwide financial system.

In response to him, the use of tokens within the monetary sector helps to reduce the presence of intermediaries, automate the execution of transactions by way of sensible contracts, and improve customers’ management over their property.

“At this time, cryptocurrency-based transactions are extra energetic than ever, and their function in facilitating funds is rising. Within the seven months of this yr, the quantity of exterior funds by way of cryptocurrency exchanges amounted to $1.7 billion. In response to knowledgeable estimates, it could attain $3 billion by the top of the yr,” the top of state stated.

The Belarusian president emphasised {that a} market of this magnitude requires transparency, efficient regulation, and affordable management. “The federal government and the Nationwide Financial institution have been given corresponding directions. Now, act,” the top of state added.