Belarusbank Launches a Government Backed Crypto Service
State-owned bank Belarusbank, the largest bank in Belarus and with the government owning 99.95 percent of the shares, announced a new service where local and Russian customers will be allowed to buy and sell cryptocurrencies starting today.
According to a report published by Belarus media Prime Press, Belarusbank is partnering with local crypto exchange WhiteBird, the only legally and regulated crypto operator in the CIS countries. The service will support four fiat currencies for crypto purchases: Russian ruble, Belarus ruble, euro, and the US dollar.
People will be able to use their Visa cards to execute the purchases.
Chairman of the Board of JSC JSSB Belarusbank, Viktor Ananich said:
The possibility of making an exchange platform for trading cryptocurrencies is being worked out by the bank's management, The bank's projects in the field of digital technologies are practically exclusive.
According to sources, the bank plans to expand the service to other countries as well as the fiat and crypto currencies supported.
The Expert Investor Takeaway
With Bitcoin and other crypto currencies rallying across the market, the notion that stimulus packages in Europe and America will fuel the blockchain industry is becoming an optimistic vision for crypto believers.
Now, a state-owned bank is betting for cryptos and introducing new crypto exchange services for CIS countries. Those movements would pave the path for Belarusbank and its associates to enter into the European Union.
This legal and government advances for the crypto industry are also feeding the sentiment that the crypto age has finally arrived. For instance, it is fueling prices to the sky and beyond.
Bitcoin at Highs Since January 2018
The news comes at a moment when Bitcoin is in the middle of a massive rally that had driven the BTC/USD 60 percent up since the beginning of October when the crypto king was traded by around 10,500 dollars per unit.
On Friday, BTC/USD extended its rally to the 16,495 level, just shy of the critical 16,000 dollars per unit level, its highest level since January 2018.
Bitcoin investors are confident that stimulus packages in the United States and Europe will fuel crypto prices and the whole Blockchain industry with new, fresh, and cheap money that will push crypto prices up. Also, it will allow blockchain projects to be better funded.
On Friday, BTC/USD is trading 1.64 percent negative at 16,026, its first daily decline in the last three sessions. However, the unit is trading in consolidation mode after breaking above the break of the 16,000 dollars per unit level, which acted as a support before.
On the week, Bitcoin is trading positive against the dollar for the sixth period in a row. In the last five days, BTC/USD has advanced 3.37 percent, and the chart looks pretty bullish.
Senior analyst of IFC Markets, Dimtry Lukashov, highlights the decoupling of the BTC and the DXY, "it strengthens when the dollar weakens."
The bitcoin unlikely rise in price strongly because of the competition to other cryptocurrencies. The volatility of the speculative crypto-currency market will remain high. The crypto-currency market will survive and continue, as the some players keep funds and assets in it. Recently, bitcoin has been reacting to the dynamics of the dollar index. It strengthens when the dollar weakens.
In the same line, FXStreet's analyst Alberto Muñoz sees the 16,500 dollars per unit as the next resistance. Bitcoin is set to a massive rally after breaking above the critical resistance at $13,800, next stop is at $16,500. Chances of a retest of historical highs are increasing."
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