Home News Belorussian bank offers the opportunity to invest in bitcoins

Belorussian bank offers the opportunity to invest in bitcoins

Minsk Transit Bank (Mtbank) offered Belorussians the opportunity to invest in bitcoins through its Mtbankfx forex platform. In order to do so, one should open a trading account and draw up a dollar card (in the absence of the latter).

It is noteworthy that this is not direct bitcoin trading that the bank offers to its clients. All bitcoin-related operations will be carried out by means of a derivative instrument on the basis of bitcoin futures contracts because otherwise such trading activity would be inconsistent with the Belorussian law.

The fact that a respected bank is a counterparty to the transactions is meant to minimize the risk of loss of investments due to unscrupulous broker.

The minimal operational amount is set at 0.2 BTC level, whereas the average commission fee will be 0.018 percent of a total transaction amount. The latter is reducible to 0.012 percent for actively trading clients. Thus, given the increase of turnover, up to 30 percent of commission payments may be saved.

Mtbank also promises commission-free depositing and withdrawal of funds and tax exemption till 2019.

As reported earlier, Mtbank announced it will start offering a new financial product, namely, bitcoin contracts for difference (CFDs) this week.

Despite all this, the official attitude towards cryptocurrencies in Belorussia seems to be gradually drifting away from permissiveness. According to the local media, the amendments to the Decree are being drafted by the authorities. These amendments will reportedly oblige the cryptocurrency exchanges operating under the aegis of the High Technologies Park (HTP) to identify their customers and disclose their credentials to state security services.