The decree signed by the president of Belarus establishes legal frameworks and considerations for the use of cryptocurrencies at the local level, so the ministers and government entities must make the changes work in the next three months.
The President of Belarus, Alexander Lukashenko approved a decree giving support to the free circulation of digital currencies such as Bitcoin throughout the entire region.
Belarus is More Crypto-Friendly
This information got revealed by the press office of President Lukashenko in a statement published this week, in which he assures that he approved a decree entitled “On the registration of virtual wallet addresses and the circulation of cryptocurrencies, where the measures and considerations got exposed for the use of currencies in the country.
This document provides legal bases for Belarus Hi-Tech Park, a tax and legal regime within the country analogous to what Silicon Valley would be in the US, to establish and manage a registry of crypto wallet addresses that may get associated with illegal activities.
The document also details the process and applicable standards for the government to confiscate digital currencies from criminals who use said assets to carry out criminal activities.
According to several analysts, this decree points at protecting investors within the cryptocurrency space, closing spaces for activities that may constitute scams, and avoiding losses to all those interested in acts that constitute outright crimes.
The decree clarifies that the Council of Ministers of Belarus must adopt the corresponding measures to find effectiveness in this opinion in the next three months.
Commitment to Digital Currencies
Although Belarus expressed its intentions to become a friendly territory for cryptocurrency users, these actions by President Lukashenko aim at laying the foundations for a much fairer regulation.
This fair regulation creates a space where the crypto ecosystem can develop much more fully, including trading activities and crypto mining.
Let’s keep in mind that in September of last year, the president asked the government to promote cryptocurrency mining by making use of additional energy infrastructure. Before this, the largest local bank, Belarusbank, set up an exchange service for digital currencies.
Another noteworthy aspect is that the steps taken by Belarus would be creating a gap between the nation and its neighbors and regional partners in crypto matters. In this sense, the position of Russia stands out, which maintains an ambivalent position towards these assets.
In recent comments, President Vladimir Putin asked the government to enable the necessary paths to promote greater adoption of digital currencies, this despite the refusal of the Central Bank authorities who chose more to prohibit its use and commercialization.
By: Jenson Nuñez
