Belarus, known as Europe’s last dictatorship, will legalize cryptocurrencies, ICOs and mining in the country. The President, Alexander Lukaszenko, is expected to sign a decree in order to legalize cryptocurrencies. Initial Coin Offering tokens, cryptocurrencies and mining will be accepted by law in the country.
Belarus Decision to Legalize Cryptocurrencies
Belarus has an enormous potential to develop new technologies that would allow Bitcoin and other cryptocurrencies to spread in the country and the region. This is because the IT sector in Belarus is strong and known all over the world.
Alexander Lukaszenko has created an IT special economic zone known as High-Tech Park (HTP). In this park, enterprises and investors receive tax benefits like exemptions to income tax, value added tax or property tax.
“It is expected that Belarus will have a system for the exchange of real money for cryptocurrency, in fact, such exchange points will be legalized. Belarus would be one of the world’s leading countries in terms of cryptocurrency development” said Sergey Lazyuk, Priorbank’s Head of Digital Banking.
In past reports, a decree was passed in order to facilitate new international investments in the HTP zone. The intention was to attract some investors to potenitate new technologies and industries.
“The decree provides for the introduction into civil circulation of cryptocurrencies and tokens based in the technology of blockchain. A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchanges services, exchange cryptocurrencies, attract financing through ICOs and use cryptocurrencies and tokens in civil circulation,” reported a local news outlet Tut By Media.
The government aims to create a cryptocurrency mining centre. Low cost electricity and cold temperatures make this a good place for miner enterprises.