President of Belarus Alexander Lukashenko will sign a decree on the legalization of cryptocurrency

President of Belarus Alexander Lukashenko will sign a decree on the legalization of cryptocurrency

It is expected that President of Belarus Alexander Lukashenko will sign the draft decree on high-tech Park of Belarus, which will allow you to use the digital currency in the country legally.

In the framework of the project in the country will be allowed the use of cryptocurrencies, conduct primary offerings of coins (ICO), sell exchange digital currency for rubles, as well as mining.

According to Igor Mamonenko, the General Director of the largest Belarusian holding company for information technologies Belhard Group, virtual currency and ICO must be fully regulated to protect users of the market.

“A required maximum legalization of cryptocurrency. Existing laws do not prohibit such activities directly, but it should be reform legislation to protect all participants.”

Brief information about the decision

In 2005 Alexander Lukashenko signed a decree on the establishment of special economic zones oriented to IT, similar to Silicon valley in the United States. The area is called the high-tech Park (HTP). This is the only place in the country, which systematically provided the tax benefits. Company located in the HTP are exempt from income tax, value added tax, property tax and land tax.

Was previously prepared a decree on the promotion of foreign investment and introduction of new technologies and innovations in HTP. The draft decree includes provisions on cryptocurrency and ICO at the legislative level.

The local edition of Tut By Media reports that the decree will allow a wide use of crypto-currencies based on the blockchain in the country:

“The decree provides for the introduction into civil circulation of crypto-currencies and token-based blockchain technology. Offers a comprehensive legal regulation that HTP could provide exchange services of crypto currencies, to obtain financing through the ICO, and use crypto-currencies and tokens in a civil appeal”.

In the legal field will not only
cryptocurrencies, but also the activities of miners, then it would be possible legally
to create cryptocurrency mining centres in Belarus. Given the abundance and
the low cost of electricity in the country, experts believe that the production of
cryptocurrencies will create additional demand for electricity across
of the country.

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