Belarus recognizes the Bitcoin as a legal currency and legalizes the ICO

The government of Belarus, with the approval of its president, Alexander Lukashenko, has formally recognized the Bitcoin as a legal currency. In addition, the country has legalized the ICO, intelligent contracts and technology Blockchain.

This decision was expected by investors for some time. This announcement will surely encourage other countries to implement a regulatory framework to allow for this market.

Check out below the details of this announcement :

A breakthrough for the market of Bitcoin

The project, approved by the president Lukashenko entitled “On the development of the digital economy” includes different elements. The objective of this scheme is to create favourable conditions for foreign companies to come to Belarus in order to develop their activities of crypto-currencies. Contrary to many major markets of Bitcoin, such as South Korea, the belarusian government does taxera not the mining, the exchange of digital currencies and the ICO. According to Vsevolod Yanchevsky, director of the Belarus Hi-Tech Park, the activities related to mining and transactions of crypto-currencies will be tax-exempt until 2023.

Gerd Altmann, Source : Pixabay

There has thus explained that, after having adopted the decree, Belarus has become one of the destinations most favourable for the development of crypto-currencies. The main objective of the government of the country in putting in place such a measure is to facilitate the growth of its digital economy.

The importance of this regulatory

Currently, the global market of digital currency is largely dominated by Hong Kong, Japan, South Korea and the United States. More than 60 % of transactions are made in Japan and the United States.

In the past, the main markets of crypto-currencies, such as Australia with innovative start-ups supported by governments, have been struggling to develop as a result of ineffective policies. This year, the australian government has adopted various regulations to remove taxes for investors. With his device, the Belarus could position itself as a leader in this sector.

Source : NCC