Belarus Seeks $3B in Crypto Payments as Banks Face Sanction Pressure

President Lukashenko calls on banks to boost crypto adoption as sanctions tighten, with payments projected to exceed $3B in 2025.

Belarus is turning to cryptocurrency as Western sanctions squeeze its economy, with President Alexander Lukashenko urging banks to accelerate adoption. Government data shows $1.7 billion in crypto payments were processed in just seven months this year, and officials now project the figure could surpass $3 billion by year-end. The move signals Minsk’s intention to use digital assets as a financial lifeline as traditional banking channels remain restricted.

Sanctions Cut Banking Access

Belarus has faced mounting Western sanctions since 2020, with restrictions cutting access to international banking systems and limiting cross-border trade. The country was removed from the SWIFT network, making dollar- and euro-based settlements more difficult. Crypto, however, has been legal in Belarus since 2017 under Decree No. 8, which recognized digital assets for business and personal use. With banking channels constrained, Lukashenko’s push to expand crypto adoption is seen as a logical extension of earlier policy, aimed at bypassing financial isolation while maintaining trade flows.

Crypto Payments Gain Momentum

Belarusian officials revealed that $1.7 billion in crypto transactions have already been processed in the first seven months of 2025, with the figure projected to exceed $3 billion by year-end. This surge reflects how businesses and individuals are increasingly relying on digital assets for cross-border settlements. Analysts note that much of this activity likely involves stablecoins such as USDT, which are commonly used in sanctioned economies where access to foreign currencies is limited.

Related: US Bank Groups Push to Close GENIUS Act Stablecoin Yield ‘Loophole’

What’s Next

Belarus is expected to issue new guidance on how banks can integrate crypto into settlement systems in the coming months. While officials frame the shift as a tool for maintaining trade under sanctions, regulators in Europe and the U.S. may view it as a pathway for sanction evasion. For crypto markets, Belarus’ pivot highlights how digital assets are evolving from speculative investments into a practical financial alternative in restricted economies.