BITCOIN BELARUS: PRESIDENT WILL BITCOIN LEGALIZE!

The President of Belarus is soon to sign a law that would legalize cryptocurrencies such as Bitcoin and Ethereum. The decree would allow Belarus to officially trade and distribute virtual currencies and carry out an Initial Coin Offering (ICO). With the crowdfunding method, companies can raise venture capital for investments and projects - free of regulation and supervision from stock exchanges, banks and lenders. With the entry into force of the law, investors are likely to carry out transactions instead of the cryptocurrency ruble. In this way, cryptographic "mining" with block hashing algorithms would find its first legal foundation despite high price fluctuation risks and non-transparency.

The decree would recognize cryptocurrencies as a legal tender

Aleksandr Grigoryevich Lukashenko, President of Belarus since 1994, paved the way for an economic zone in 2005. The "Belarus High Technologies Park" (HTP) is a counterpart to the US IT and high-tech location "Silicon Valley". Resident commercial and industrial companies benefit from location advantages such as lower tax rates.

A new regulation, which the President will pass, aims to attract international investors and drive the development of innovative technologies in HTP. According to media reports, the prepared decree was handed over to Lukashenko. The signature law would regulate in particular crypto currencies and ICOs.

Initial Coin Offering in the Belarus High Technologies Park

The state press agency "Tut By Media" indicates that Blockchain-based cryptocurrencies and tokens should be put into civil circulation. There are far-reaching regulations for resident companies in the Belarus Technology Park. These are likely to change crypto currencies, provide cryptocurrency services and receive ICO-funded venture capital.

In addition to the cryptocurrency, mining activities and software algorithms are also regulated. According to the website document, HTP is soon allowed to open cryptocurrency mining centers. A key factor in the establishment and operation of server-controlled crypto-currency mining centers is their low electricity costs.

Sergey Lazyuk, the head of digital banking at Priorbank, expects Belarus to introduce a system for changing money in cryptocurrency. He expects Belarus to play a leading role in the development of cryptocurrencies. Igor Mamonenko, CEO of the Belhard Group, welcomes the government's efforts to legalize it, which will legally protect activities and participants.

First centralized cryptocurrency exchange will open in 2018

According to the newspaper publisher "Rossiyskaya Gazeta", the cryptocurrency exchange will open in the coming year. It would be the first centrally controlled cryptocurrency exchange in the Eurasian Customs and Economic Union, which includes Belarus, Russia, Armenia, Kazakhstan and Kyrgyzstan. The web portal "exrate.by" expects regular Bitcoin trading and exchange activities as well as the flexible possibility to switch between the Belarusian ruble and cryptocurrencies.