From anarchy to strict discipline

«Belarus became the first country in the world to officially introduce the crypto banks into the state’s financial system. This event was reflected in the world financial media,» First Deputy Chairman of the National Bank Aliaksandr Jahoraw said on air. «Actually, this is not the first newsbreak for them. In fact, our country is one of the world pathbreakers regarding this subject. As recently as 2017, the famous Decree No. 8 „On the Development of Digital Economy“ came out. That time the President plotted a vector with his executive decision, which let us one of the first withdraw the cryptocurrencies from the grey zone and give them legal status.»

Today, we go further and create the full-fledged banks of new generation. Still, what is this? Why some countries are afraid of these technologies while we build a legal bridge for it? To understand why we allow it now, we need to take a look how the technology itself has been changing. That was a path from the complete anarchy to strict discipline.

First stage — digital underground till 2013

«In the beginning bitcoin was a tool for the ones wanted to hide from state. There was a platform „Silk Road“. It was a large black market on the Internet where various illegal stuff was sold using the cryptocurrency as an only mean of payment. That is where the myth appeared about cryptocurrency being the money for hackers and criminals is rooted,» the speaker explained.

Second stage — gold rush of 2017

Why did the frenzied growth of prices and hype suddenly begin?

«The cryptocurrency has been called the digital gold. It is not just a nice comparison; there is a concept of hard currency in the economy. It was very intelligibly written about in the book „The Bitcoin Standard“ by Saifedean Ammous. The author explains: the fiat currency, as dollars or euro, can be printed by the State in any amount, depreciating our savings. The gold cannot. Its amount is finite in nature. Therefore, bitcoin is a gold that cannot be counterfeited and that will never exceed the number of 21 million units. This digital scarcity was the one caused the gold rush,» Aliaksandr Jahoraw elaborated. «People understood that this is a way to protect their savings from inflation. Thousands of projects emerged, which collected the people’s money and vanished. That was the moment when Belarus adopted the Decree No. 8. We decided: instead of ineffective prohibiting we needed to create the safe legal haven where technologies would be protected by law, and the capital would have the opportunity to grow under transparent conditions.»

Third stage — entrance of world powers

«The event that most people did not believe happened. El Salvador state was the first to accept the bitcoin as an official currency. Then, in 2024, the USA allowed the largest investment funds such as BlackRock to legally buy the cryptocurrency for their clients,» the first deputy chairman of the National Bank expounded.

What cryptocurrencies exist at all?

«When you open the list of thousands of coins, it may make your head spin. However, they all are possible to divide into three comprehensive groups using the simple life examples,» Aliaksandr Jehoraw fills us in.

Bitcoin is a digital antique or a gold bar:

«Imagine the ancient coins with the total number of only 100 in the world. You would not go buying bread in the shop with it. It is impractical and expensive. You are keeping it in the vault because you know that it is going to be even more expensive with time. Because no one will ever issue such coins anymore. Bitcoin is precisely such an asset. It is bought to be saved and multiplied.»

Ethereum or the similar coins are like digital petrol.

«Imagine that you have a complex machine tool or a computer programme that does the work alone. For instance, delivers an insurance policy or check the contract. For this programme to start and work, you need to fuel it up. Ethereum is the fuel for smart contracts. Its value involves making the complex processes on the Internet running, and not to be simply put in a wallet,» the speaker explains the system.

Stablecoin is a digital receipt on a real dollar.

«Imagine that you came to the cloakroom, checked your outerwear and received a ticket. Your outerwear is a real dollar in a bank, and the ticket is a stablecoin. The ticket itself costs nothing, but you can exchange it on your outerwear any moment. It is the cryptocurrency, which rate is tied to the actual dollar. It is used for the fast transfer of money between the borders without being afraid of their price halved tomorrow,» the National Bank top manager commented on the procedure.

So why many countries do not want to get involved with the cryptocurrencies on the state level?

The whole point is in a fear fed by the resounding failures. The world of cryptocurrency experienced several catastrophes during the last years that wiped out tens of millions of dollars.

«Let’s remember the fall of the FTX giant. It was one of the largest world cryptocurrency stock exchanges. Its founder was called a rockstar of the financial world. He was entrusted by millions of people. However, the emptiness was hidden under the bright cover. The stock exchange had been taken their clients’ money and invested them in their risky projects. When people wanted to withdraw their capital, there was nothing. As a result, there was a full bankruptcy. A hole amounted to 8 billion dollars and thousands of deceived people all over the world,» Aliaksandr Jahoraw reminded.

Another one was the Terra LUNA crisis.

«There was a project that fell down in value to zero in three days because of the mistake in its algorithm. Just picture: you are a rich man on Friday, and on Monday your savings cost less than money they are printed on. That was possible because companies worked in shadows, without any external control. No one revised whether they have real money on their accounts. Seeing this, the central banks are afraid to incorporate such a landline in their system. An average bank is a large last-century machine, and the cryptocurrency is too fast and dangerous mechanism for it,» the speaker believes.

Belarus took a different path

«We are building a new path next to the old one where instead of some shady companies the transparent cryptobanks are working under the strict state control. Cryptocurrency today is not just the lines of code on PC, it is an enormous market. Its total value on peak exceeded three trillion dollars,» Aliaksandr Jahoraw stated. «It’s worth more than all the largest companies of some European countries together. The scale is so huge that even in the USA Trump adapts the laws on the technological leadership, for example, Genius Act — act on the talent support. The point is simple: countries started a fight over the brains and capitals in the blockchain sphere. The ones who fail to create clear rules today, will be left behind the progress tomorrow.»

There is a common example with Switzerland and its Signum bank.

«It is really an advanced bank, but it is important to understand the core difference: the cryptobanks in Switzerland or the USA are the private initiatives of individual banks that has managed to come to terms with the regulatory authority,» the expert explains. «However, in Belarus, not just a bank is created, but a fully functional state system. The Edict No. 19 («On Cryptobanks and Certain Control Issues in the Sphere of Digital Symbols (tokens)» from January 16, 2026. — ed.) is not a permission for a separate company, but an architecture of the whole financial system in future.

What are the real services provided for the economy by this system?

There are many examples. The deputy chairman provided the most popular ones.

A loan on security of cryptocurrency.

«Imagine the situation: you have a bitcoin that is increasing in price. You need money on home improvement or buying appliances, but it is hardly efficient to sell it right now. In cryptobank you deposit the coins as pledge. Bank provides you the rubles. You use money, repay the loan, and the bank returns you your cryptocurrency. You solved your problems preserving the investments,» Aliaksandr Jahoraw provides the first example.

The next one is staking or also known as the deposits of new generation

«It is a modern alternative to the bank deposit. You place your digital assets on the bank account for maintaining the work of global blockchain networks. The bank rewards you for this. It is a transparent and absolutely legal way to obtain the residual income from your savings under the security of the state regulator.»

Another example is a cryptocard.

«The most long-waited and clear service. It is a simple bank card linked to your cryptobank account. You come to the normal store, pay for your groceries. At the moment of payment, the bank immediately converts the part of your cryptocurrency to the Belarusian rubles at the current exchange rate. You live in a digital world without any technical issues.»

The expert underlines: the Belarusian cryptobank model is built in the way to exclude all the risks destroyed the foreign platforms.

«The main principle is transparency. The system is built on the strict division of the responsibility spheres between the two largest regulators. The High Technologies Park takes upon the technological expertise (the specialists check the programme code, the security of the platforms and the safety of encryption coding). The National Bank provides the traditional financial control, watches the reserves, bank stability and regulatory compliance.

Aliaksandr Jahoraw focuses on the fact that the Edict No. 19 introduces the strict procedures of client verification.

«Unlike the anonymous Internet stock exchanges, the cryptobank thoroughly investigates every financial transaction. This is a guarantee that only legal money will get in the system. Every step in the blockchain is recorded forever and it is impossible to falsify this history.»

He commented on some so-called experts’ statements that the cryptobanks are supposedly created for covering up the financial streams.

«In fact, it is directly the opposite. The blockchain technology together with the government regulation would provide the transparency that the average banks could only dream of. We do not create the tools for the rules’ circumvention. We create the most advanced system for preserving them.»

According to the expert’s opinion, the foundation of cryptobanks turns Belarus into the powerful digital attractor for the world investments. Legal infrastructure is the thing that the large international funds are lacking in. If the country has a bank with the license and property rights protection, the capital is going to flow there. That means new taxes and high-tech job places.

«The president’s decision on launching this system is a direct answer to the global challenges,» the National Bank top manager assures. «To make this attractor actually secure, the state set tight entrance filters. Every Belarusian cryptobank is not just a sign, it is a solemn financial stronghold. For obtaining the license, the bank must set statutory fund in the amount of not less than 20 million Belarusian rubles. In addition, the Guarantee Fund in the amount of 10 million Belarusian rubles is placed. These means are the emergency fund that guarantees that the clients’ concerns are secured by an actual capital.

Leadership strategy

There is another one essential innovation that involves hundreds of thousands of people.

«The Edict No. 19 for the first time ever allows self-employed people to receive the payment for their services in cryptocurrency,» Aliaksandr Jahoraw explains. «Before, when a designer or a programmer completed the job for a foreign client and they offered the payment in cryptocurrency, this person got into grey zone. They weren’t able to legally credit these founds on their account, weren’t able to legally pay taxes on them. Now this obstacle is removed. The main and only requirement is that such operations should be transferred through the cryptobank infrastructure. It is not just a thing for convenience; it is a revolution on the job market. The state says to the self-employed, «work with anyone anywhere in the world, use the most updated payment systems, just do it through the licensed bank.»

According to the expert, it would give the people an opportunity to openly verify their income, build a credit history and feel secure.

«Cryptobanks are becoming a base for the development of the domestic fintech cluster. We are developing our own independent financial ecosystem which makes the country’s economy stronger. It is an actual technological input into the financial sovereignty of the state,» Aliaksandr Jahoraw assured.

It is significant to comprehend that the emerging of cryptobanks in Belarus is not just a repairing of an old financial system. It is a global transformation that changes the logic in the capital turnover itself.

«We convert from the analogue mechanisms of the last century to the fully automated digital environment. The Head of State’s personal support of this direction underlines that Belarus does not fear innovations and is ready to take the lead over them. This decision ranks us together with the leaders of the technological race. We do not simply adapt to changes, we set the standards of how the modern, secure and efficient banking should look like,» the expert highlights.

It is a bold move, which turns the theoretical capacities of the blockchain into the real economic benefit for every citizen and company, the financier ascertains.

«The Edict No. 19 is a leadership strategy. As the Head of State says, we can’t stay at the tail end in the modern world, we must run faster than others. Cryptobanks are established not for speculation, but for helping to the real economy sector. From the plants exporting their production to the agricultural workers. Will we be able to build the digital economy competitive in its contribution with the real sector? Everything is in our hands and in our heads. We have a unique legal base, talented specialists and a political will. We are independently building our future based on the transparent and safe technologies.»