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Belarus, known as Europe’s last dictatorship, will legalize cryptocurrencies, ICOs and mining in the country. The President, Alexander Lukashenko, 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 Lukashenko 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.

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 potentiate 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. “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.

Eastern Europe, Central Asia and Cryptocurrencies

Ukraine, Russia and Kazakhstan are also working in the cryptocurrency field and in different aspects. It seems that there is a competition between who will first issue a cryptocurrency or attract the biggest quantity of investors.

Russia has decided to create two cryptocurrency agencies located in Vladivostok. In addition to it, Russia has decided to regulate cryptocurrencies and create its own cryptocurrency the CryptoRuble. In this way, Russia decided to compete against Kazakhstan that also wants to issue a virtual currency.

“The creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payment,” commented Governor Olga Skorobogatova, Central Bank of Russia’s Deputy, at a press conference.

Kazakhstan has also decided to launch its national cryptocurrency. Kazakhstan wants to be a hub for new blockchain developments in the region. Something that Russia, Ukraine and Belarus are trying to do.

“Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s fintech-ecosystem. We believe that the AIFC can become an international hub for blockchain operations. The development of the digital assets market is our key priority in the near future,” told Kairat Kelimbetov at a meeting in Astana.

Ukraine has also the intention to legalize cryptocurrencies. A bill has been submitted to the parliament; it proposes to define cryptocurrencies as legal properties. If the bill is approved, they can be considered a legal means of payment to exchange goods and services.

Picture courtesy of Pixabay

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