The largest bank in Belarus, Belarusbank, is in the crypto news today for its plans to set up a crypto/Bitcoin exchange, according to local information agency BeITA and its reports on January 28th. As the bank’s chairman on the board Viktor Ananich revealed, the efforts are now being made to explore the possibility of setting up a cryptocurrency exchange.
Ananich also claimed that digitization is one of the most important focuses of the bank this year, noting that they are also working with many mobile carriers and with that aiming to expand their services.
On top of this, Belarusbank is planning to issue virtual cards online (rather than physical) in only a few months from now, as Ananich noted. He also emphasized that the banking sector should keep up with the digital industry as the space is evolving fast.
Belarusbank is owned by the State Property Committee of Belarus and is the leading banking institution in the country according to its volume of equity, assets, loans and deposits. The current estimates show that the bank is estimated to have $13,51 billion in operating assets in 2017 alone.
This is not the first time a bank plans to form an exchange. Previously, the major European crypto exchange Bitstamp partnered with a Swiss online bank to conduct BTC transactions on behalf of Dukascopy bank and within the Swiss FX Marketplace.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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