Belarus President Alexander Lukashenko is anticipated to sign the draft decree at the Belarusian high-Tech Park that will make the usage of digital currencies in the Belarus lawful. Beneath the draft, digital currencies and initial coin offerings, in addition to mining will already be allowed within the country, even as exchanges can exchange rubles for digital currencies.
In keeping with main Belarusian information technology holding company the Belhard group chief executive Officer Igor Mamonenko, the digital currencies and initial coin offerings need to be completely regulated to be able to defend all players within the marketplace.
Igor Mamonenko said:
“The maximum legalization is needed. The present legal guidelines do not restrict such activity directly, but it is important to reform the regulation so that it protects all contributors.”
The signing by Lukashenko of a decree to improve the establishment of an information technology targeted special financial zone in 2005 has caused the introduction of the High-Tech Park, which is modeled to the Silicon Valley within the United States. Organizations that locate inside the High-Tech Parkare exempted from profits tax, value-added tax, property tax and land tax.
To attract organizations to set up their operations within the park, the new decree was drafted with a purpose to facilitate the influx of foreign investments and integrate new technologies and improvements within the High-Tech Park. These new technology and improvements include the digital currencies and initial coin offerings.
In its report at the decree, local newspaper Tut by Media noted that the decree would cause the civil move of Blockchain based digital currencies in Belarus.
The report stated:
“The decree offers for the introduction into civil circulation of digital currencies and tokens based on the technology of Blockchain. A complete felony regulation is proposed in order that High-Tech Park residents can provide digital exchange offerings, trade digital currencies, entice financing via initial coin offerings, and use digital currencies and tokens in civil circulation.”