President Lukashenko called for a review and development of the cryptocurrency market in the country.
At the banking system meeting, Lukashenko requested national bank leaders to develop a specific plan to harness the role of cryptocurrencies in payment functions, in order to promote the development of a market that has many limitations.
MAIN CONTENT
The President of Belarus emphasized the immaturity of the domestic cryptocurrency market.
National Bank leaders are required to propose solutions for the development of the cryptocurrency market.
Focus on harnessing the payment role of cryptocurrencies to promote financial activities.
Why is the President of Belarus interested in developing the cryptocurrency market?
President Lukashenko stated that the cryptocurrency market in Belarus is still in its infancy and has not developed to its potential.
At the banking system meeting on August 13, 2023, he particularly noted the challenges and opportunities of cryptocurrencies for the country, and subsequently requested a study on how to promote the application of cryptocurrencies in the payment system, in order to enhance the effectiveness and competitiveness of the financial market.
This move demonstrates the Belarusian government's efforts to regulate while seeking strategies to promote sustainable cryptocurrency development.
What role does the National Bank of Belarus play in this?
Mr. Roman Golovchenko, Chairman of the National Bank of Belarus, was tasked by the President to implement the next steps regarding cryptocurrencies.
Golovchenko acknowledged that although cryptocurrencies are widely exchanged on social media, the domestic market has not yet taken shape clearly and still has many legal and infrastructure limitations. Therefore, thorough research and the development of a specific plan are seen as key factors to elevate the cryptocurrency market to a new level.
The National Bank plays a central role in coordinating with other departments to finalize the management strategy and promote cryptocurrencies.
"We need to harness the power of cryptocurrencies to enhance payment functions, without allowing the market to develop uncontrollably."
President Alexander Lukashenko, August 2023, at the Belarusian banking system meeting
How can cryptocurrencies contribute to enhancing Belarus's payment system?
Cryptocurrencies are expected to support the improvement of the payment process, increase speed, and reduce transaction costs in the Belarusian financial system.
The application of cryptocurrencies in payments can help promote liquidity, transparency, and higher security due to Blockchain technology, while offering benefits to users and businesses in the country. However, to achieve this, relevant agencies need to develop management plans and technology suited to the real context in Belarus.
What challenges are hindering the maturity of the Belarusian cryptocurrency market?
The Belarusian cryptocurrency market currently lacks a clear legal framework and sufficient technical infrastructure to meet rapidly growing demands.
Mr. Roman Golovchenko noted that the low maturity level prevents investors and users from fully exploiting the benefits of cryptocurrencies. Completing the legal framework and ensuring transaction safety is essential to enhance trust and promote the sustainable development of the market.
At the same time, the coordinated cooperation between banks, the government, and relevant organizations will determine the future of the Belarusian cryptocurrency market.
What measures can Belarus implement to develop cryptocurrencies?
Belarus needs to build a comprehensive strategic plan, including a clear legal framework, risk management mechanisms, and modern technical infrastructure.
Additionally, the government can promote the application of cryptocurrencies in payments and related financial services, thereby enhancing efficiency and transparency in the banking system. Furthermore, training specialized human resources and strengthening international cooperation are also important factors.
Frequently Asked Questions
How is cryptocurrency currently developing in Belarus?
The cryptocurrency market is still in a phase of immaturity, needing further legal framework and technical infrastructure.
What actions is the Belarusian government taking to develop cryptocurrencies?
President Lukashenko asked the National Bank to propose clear development steps to promote the payment role of cryptocurrencies.
What role does the National Bank of Belarus play in this issue?
The National Bank is the leading agency in researching and coordinating the development plan for the domestic cryptocurrency market.
How can cryptocurrencies improve the payment system in Belarus?
Cryptocurrencies help optimize transparency, speed, and transaction costs in payments, enhancing user experience.
What is the biggest challenge facing Belarusian cryptocurrencies today?
The lack of a clear legal framework and insufficient technical infrastructure restricts the sustainable development of the market.
Source: https://tintucbitcoin.com/tong-thong-belarus-de-xuat-ban-ve-tien-dien-tu/
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