We are not hindering the process — Golovchenko On Development of Cryptocurrency Market in Belarus

The total capitalization of the cryptocurrency market has reached $4 trillion. According to Roman Golovchenko, Chairman of the Board of the National Bank of Belarus, the country is also actively developing in this direction.

Decree No. 8 of the President of the Republic of Belarus, "On the Development of the Digital Economy," was one of the first in the world to introduce the concept of a "token."

"Since the adoption of this document, much has changed, progress has been made, and we have not stood still. The infrastructure of the High Technology Park has primarily developed relevant tools, crypto exchanges, and so-called cryptocurrency platforms. We now have a functioning token system," Golovchenko noted.

Countries around the world are increasingly recognizing the need for stricter regulation of this market, as cryptocurrency is not considered currency in the traditional sense. No country allows cryptocurrencies to be used as a means of payment within its territory.

"As an individual, one can store cryptocurrencies, transfer them to someone, but paying for goods or services with them is not permitted. I believe this is the right policy, aligning with the recommendations of international financial organizations," Golovchenko stated.

He emphasized that the National Bank has a clear stance on the further development of cryptocurrencies. "We are not hindering these processes. We aim to guide them into a beneficial direction for our country and, among other things, create certain competitive advantages for Belarus, similar to what we achieved after the issuance of Decree No. 8. I believe that soon we will have a final discussion with the head of state on the developed solutions, and it would be appropriate to announce them after approval," concluded the Chairman of the National Bank.