President Alexander Lukashenko announced on Friday that the decree “On the Development of Digital Economy” has been signed. He explained, “the main goal of the document is to create such conditions that global IT companies would come to Belarus, open their representative offices, development centers, and create popular products in the world.”
The decree also legalizes cryptocurrencies, ICOs, and smart contracts. Reuters wrote, “Belarus has legalized transactions in cryptocurrencies,” reiterating that it is “part of a drive to foster private sector growth and attract foreign investment by liberalizing parts of its Soviet-style economy.” The news outlet added:
The decree legalizes initial coin offerings and transactions in cryptocurrencies, including their exchange for traditional currencies on Belarussian exchanges. while all trades will be tax-free for the next five years.
Belarus Legalizes Cryptocurrencies and ICOs - Tax-Free for Five Years“Individuals will be able to store, change, buy, donate, bequeath, mine, and also exchange cryptocurrencies and tokens for fiat currencies,” Rusbase elaborated. In addition, it is not necessary to declare cryptocurrency profits and income from their operations since they are tax-free until January 1, 2023.
I totally believe this is how lots of smaller countries in the world are going to add legitimacy to cryptocurrencies. And then the collective efforts of these small countries is going to make it so that they can't be banned in larger countries who have banking systems with competing interests, like the United States, where we are yet to make any significant decisions in the regulatory space to help crypto-companies flourish.
If anything, as an American, it's harder to participate in the burgeoning crypto economy. For instance, I can't get a Bitwala debit card, but I reallllllyyy want one.
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