A European Country Will Allow Banks to Work with Bitcoin and Altcoins

Belarus President Alexander Lukashenko has signed a decree creating a legal framework for “cryptocurrency banks.”

Decree No., BelTA said, ‘Degree no. In effect on January 16, 19, plans to pave the way for crypto banking in the country and strengthen Belarus’s position as a leader in financial IT technologies.

The decree defines cryptocurrency banks as joint-stock companies that can use tokens with traditional banking, payments and related financial transactions. To enter the market these entities must be registered in High-Tech Park Belarus and have a status of Bitcoin bank registry (Central Bank Of The Republic) for being registered with the cryptocurrency bank register of the company.

This new regulation means that crypto banks must comply with the rules applied to non-bank credit and finance institutions in their operations, as well as following the decisions of High-Tech Park Supervisory Board.

But officials said that the new rule is seen as a key part of Belarus’s efforts to become an international centre for digital assets and cryptocurrencies.

*This is not investment advice.

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