Tokens, transfers, control: Belarus’ fintech pivot, pushing digital tokens and instant payments by the end of the year. In particular, Lukashenko set a course for accelerated digitalization of the payment infrastructure and the use of digital tokens in the financial sector, according to BelTA. Also, the National Bank of the Republic of Belarus received a direct instruction to ensure transparency, regulation, and reasonable oversight of the market, given that the volume of external payments through crypto exchanges reached $1.7 billion over seven months. In parallel, he set tasks for cybersecurity, price stability, de-dollarization, and easing foreign trade payments.
Digital Tokens, Instant Payments, and the Technology Framework
As a proponent of a de-dollarization policy, Lukashenko highlights cryptocurrencies as a key tool for decoupling from entrenched financial systems. He demanded an expansion of the use of digital tokens as one of the key areas of the economy’s digital development, since tokens in finance reduce the role of intermediaries, automate execution through smart contracts, and enhance users’ control over assets.
And demand for this is growing; he noted the volume of transactions involving cryptocurrencies. Over the past seven months, the volume of external payments through cryptocurrency exchanges has amounted to $1.7 billion. According to expert estimates, the figure may reach $3 billion by the end of the year. Naturally, the president insists on the need for greater control for the market, in particular clear rules, effective regulation, and clear oversight.
Also, he insists on accelerating the rollout and use of the technology – a start has already been made with QR codes; an instant payment system should be up and running by the end of the year. For the first time, the system will allow businesses to make credit transfers in real time, including on weekends and holidays. He included biometrics, the creation of a dedicated IT company to reduce dependence on external providers, and corporate universities for training personnel in the technology framework.
On the security front, he instructed banks to use domestically developed cybersecurity tools, and the National Bank to strengthen oversight with an emphasis on assessing cyber risks, information security vulnerabilities, protection of personal data, and banking secrecy. Additionally, banks should expand public awareness campaigns on common and new cyber-fraud tactics and practical prevention measures.
Settlements in Foreign Trade, De-Dollarization, and Price Stability
He also paid considerable attention to cross-border payments, specifically instructing them to expand the network of correspondent banks in friendly and neutral jurisdictions, to make greater use of settlements in national currencies, and to use friendly channels for transmitting financial data.
As alternative mechanisms, he, of course, also mentioned transactions in cryptocurrencies, stressing the need to expand the possibilities for the full repatriation of export proceeds. For financing investment projects, priority is given to areas with high export potential and import-substitution tasks; banks should help clients reduce costs and channel households’ ruble savings into the banking sector.
He also noted that the de-dollarization process has accelerated: the share of the ruble component in the broad money supply increased from 41% in December 2020 to 63% in July 2025; since the start of 2025, the population has been selling about $30 million of foreign currency per day on average. However, in Belarus, it is worth noting that this statistic is not entirely accurate, because the purchase of foreign currency there has faced certain restrictions in recent years.
Conclusion
An interesting statement of priorities, but quite natural. Sanctions imposed on Belarus close off a whole range of possibilities for open trade and settlements, and blockchain, cryptocurrencies, and stablecoins that become an obvious way out. Moreover, consumer sector demand and volume are growing, which means the state simply cannot miss this and create a blind spot in the domestic economy. Globally speaking, this is a fairly symmetric vector relative to many BRICS countries that face similar challenges and are already actively developing solutions. Let’s watch closely the adaptation of crypto, which today is clearly happening at all levels and is global in scale.