Belarus has recently drafted a bill which addresses the Belarusian High-Tech Park. The bill, which includes the legalization of cryptocurrencies, is expected to be approved and signed by the president. In addition to legalizing cryptocurrencies, the bill will also enable all tokens bought via Initial Coin Offerings (ICOs) to become viable for circulation. Other notable sections of the bill include that rubles may be exchanged for cryptocurrencies, ICOs would become a viable method of financing, and cryptocurrency mining would become legalized.
Belarus, with a population of approximately 10 million, has a well-established track record of being at the forefront of technological innovation. The president, Alexander Lukashenko, signed an order in 2005 which initiated a programm for an economic zone that is tailored to the IT industry, not unlike the US's Silicon Valley. The Belarusian zone has since been dubbed High-Tech Park (HTP). HTP offers its residents several tax benefits and is the only area in the country to do so.
Earlier this year, a decree was drafted to encourage international investment as well as establish an environment which is conducive to innovation in HTP. The draft is expected to be approved and signed by the current president, Lukashenko, and will include several sections which will make the country more crypto-friendly. The local media outlet, Tut By Media, reported that the decree will ensure that blockchain-based currencies start circulating throughout the country. In addition, the decree will introduce legislative regulatory policies which will enable HTP inhabitants to establish cryptocurrency and blockchain technology-related services.
In addition, the decree will also address cryptocurrency mining activities. The decree hopes to introduce a regulation which will make Belarus an attractive destination for cryptocurrency miners worldwide. Since Belarus can offer miners ample and reliable electricity at a low price, experts have speculated that the country is likely to lure international mining operations.
According to the Head of Digital Banking at Priorbank, Sergey Lazyuk, Belarus will also introduce a system where citizens can exchange their fiat currency for the cryptocurrency. Lazyuk stated that this innovative system is sure to establish Belarus as one of the world’s leaders in cryptocurrency innovation and development. According to the CEO of the Belhard Group, Igor Mamonenko, the innovation should also be met with enough legislation to address certain concerns regarding cryptocurrency activity, in order to protect its residents.
In addition to the decree, the country also intends to introduce its very first centralized cryptocurrency trading platform. The platform is scheduled to launch as soon as September 2018 and will include several territories such as Belarus, Russia, Armenia, Kazakhstan, and Kyrgyzstan. The trading platform’s website, exrate.by, states that it will allow users to participate in cryptocurrency trading, while also providing them with a method of exchanging fiat currency to cryptocurrency with optimum convenience.
Belarus, with a population of approximately 10 million, has a well-established track record of being at the forefront of technological innovation. The president, Alexander Lukashenko, signed an order in 2005 which initiated a programm for an economic zone that is tailored to the IT industry, not unlike the US's Silicon Valley. The Belarusian zone has since been dubbed High-Tech Park (HTP). HTP offers its residents several tax benefits and is the only area in the country to do so.
Earlier this year, a decree was drafted to encourage international investment as well as establish an environment which is conducive to innovation in HTP. The draft is expected to be approved and signed by the current president, Lukashenko, and will include several sections which will make the country more crypto-friendly. The local media outlet, Tut By Media, reported that the decree will ensure that blockchain-based currencies start circulating throughout the country. In addition, the decree will introduce legislative regulatory policies which will enable HTP inhabitants to establish cryptocurrency and blockchain technology-related services.
In addition, the decree will also address cryptocurrency mining activities. The decree hopes to introduce a regulation which will make Belarus an attractive destination for cryptocurrency miners worldwide. Since Belarus can offer miners ample and reliable electricity at a low price, experts have speculated that the country is likely to lure international mining operations.
According to the Head of Digital Banking at Priorbank, Sergey Lazyuk, Belarus will also introduce a system where citizens can exchange their fiat currency for the cryptocurrency. Lazyuk stated that this innovative system is sure to establish Belarus as one of the world’s leaders in cryptocurrency innovation and development. According to the CEO of the Belhard Group, Igor Mamonenko, the innovation should also be met with enough legislation to address certain concerns regarding cryptocurrency activity, in order to protect its residents.
In addition to the decree, the country also intends to introduce its very first centralized cryptocurrency trading platform. The platform is scheduled to launch as soon as September 2018 and will include several territories such as Belarus, Russia, Armenia, Kazakhstan, and Kyrgyzstan. The trading platform’s website, exrate.by, states that it will allow users to participate in cryptocurrency trading, while also providing them with a method of exchanging fiat currency to cryptocurrency with optimum convenience.