Belarus has announced the legalization of cryptocurrencies in the hope of attracting foreign investment and bringing more reforms to the traditional "Soviet-style planned economy."
Belarusian President Alexander Lukashenko has signed a decree to promote the legalization of cryptocurrencies in the country.
According to Belarus, the Belarusian news agency, quoting Lukashenko as saying earlier this month:
"All wise and intelligent people know what is order and what is stable, they all know how to achieve these goals, and we have a wharf or a port for these wise men."
Being between Russia and the EU, Belarus, independent of the dissolution of the Soviet Union, is still subject to bureaucratic and inefficient state-owned enterprises and has relied on Russian economic aid and subsidies. The newly appointed President Lukashenko introduced a series of reform measures to improve the business environment and support economic statements.
The new decree is designed to attract global digital money entrepreneurs as they all want to move their businesses to places where digital currency is more welcome after all the constraints of various regulatory bodies will make it a reality that many entrepreneurs in the digital money industry Feel the difficulties of development.
Anton Myakishev, head of the company's Belarusian office, told Reuters in an interview:
"This decree, a breakthrough in Belarus, has brought about tremendous growth for the entire digital money industry. Many foreign investors are likely to be attracted to Belarus to work in more comfortable conditions."
Under the latest decree, ICO and crypto digital currency transactions are legal in Belarus, including the digital currency exchange established in Belarus, which allows direct exchange of traditional legal tender currency and all transactions enjoy tax-free benefits for up to five years.
Not only that, the act also allows local IT companies to operate under some British law - a boon for foreign investors as they may find it hard to navigate the legal system in Belarus.