Belarus' largest bank reportedly launches crypto exchange service

Another bank is reportedly moving into crypto amid a major bull run in crypto markets.

Belarusbank, the largest financial institution in Belarus, is reportedly launching a cryptocurrency exchange service.

According to a Nov. 12 report by local news agency Prime Press, Belarusbank is rolling out a service allowing users to exchange cryptocurrency using a Visa payment card.

As reported, the new service allows users to trade crypto against fiat currencies like the Belarusian ruble as well as the United States dollar and the euro.

Belarusbank executives reportedly said that the launch of the new crypto service comes in line with the company's digital transformation program that was announced a few years ago.

The new service is reportedly available to citizens of Belarus and Russia.

Prior to introducing the new service, the two companies reportedly partnered to jointly explore the crypto industry in 2018.

Belarusbank is apparently one of the first banks in Belarus pushing its own crypto service.

The bank initially announced its plans to set up a crypto exchange in early 2019.

The development of crypto business in Belarus has been encouraged by local crypto-friendly regulation.