Belarus’ strategic shift to cryptocurrency: Sanctions protect the new frontier of capital flows?

Belarus is leveraging its alliance with Russia and cyber capabilities to explore digital assets to resist sanctions despite its lack of clear cryptocurrency policies. The EU's expanded sanctions are currently targeting entities using Russian SPFS systems, which complicates cross-border cryptocurrency transactions. While Belarus aims to triple FDI by 2025 and drive import substitution projects, its opaque strategic and geopolitical risks pose significant challenges for investors focusing on its cryptocurrency potential.