Aleksander Lukashenko, the president of the Republic Belarus, has issued an unprecedented decree on the Development of Digital Economy. This Decree came in force on the 28th of March this year.
According to the decree, all cryptocurrency activities are very welcomed in the country. It is supposed, that this measure is going to revitalize the economy of the country and to turn it into a tech-country.
Belarus is trying to get rid out of the constant crisis through attracting the best specialists in the IT industry. The taken measures should ensure the inflow of the foreign capital in the country and to improve the relationship with the Western neighbors.
In the global community the new name of the Belarussian economic zone was given: the Belarussian Silicon Valley. Its residents, bot individuals and companies, can take advantages of those unique opportunities and privileges provided by them.
According to the project initiators, the tech park is going to become “one of the most comfortable places in the world for conducting IT business”.
For now, after the decree was signed, the number of the zone residence increased by 80%, 90% of the new residence are offshore companies that have been conducting business with the country.
Moreover, the president, who is known as a rather conservative person, gave a green light to cryptocurrencies, intending to digitalize the economy in the financial sector, as well. All blockchain businesses are permitted, as well as any activities related to cryptocurrency and tokens. Moreover, Belarus becomes the first country to legitimize and regulate ALL cryptocurrency market phenomena, including ICOs, tokens, and so on. Moreover, a smart contract is declared as a fully official document, as well this happens for the first time in the history of cryptocurrencies and the blockchain.
Though, there is one huge disadvantages about this project – money laundering. It is still unclear how international banks are going to combat illegal aspects and money-laundering acts now. There is still no practice of how to introduce all those permissions and regulations and to comply with international laws.