Belarus' President Notices Active Settlements in Cryptocurrencies

Today, settlements using cryptocurrencies are being carried out more actively than ever. This was stated by Belarusian leader Alexander Lukashenko during a meeting with the National Bank's staff and management, BelTA reports.

At the meeting, the President set the task of expanding the scope of the digital characters application that is one of the most important areas for digital development of the national economy.

According to him, the use of tokens in the financial sector allows to minimize presence of intermediaries, automating transactions using smart contracts and strengthening user control over their assets.

"Today, settlements using cryptocurrencies are being carried out more actively than ever, their role in ensuring payments is increasing. Over the seven months of this year, the volume of external payments through crypto exchanges amounted to $1.7 billion. According to expert estimates, by the end of the year it may reach $3 billion," the head of state said.

The President emphasized that a market of this size requires transparency, efficient regulation and reasonable control. "The Government and the National Bank have been given relevant instructions. So, go ahead," the head of state added.