- Belarus aims to become the world’s leader in blockchain and crypto legislation.
- there has been an increase in the number of people opposing and Belarus had a wave of protest and repression.
- Belarus is a rare country which is having a liberal attitude towards cryptocurrencies and laundering the country’s reputation for technological innovation through it.
Belarus is set to become a Crypto-Friendly nation unlike some of its neighbors by showing a positive side towards cryptocurrencies. Belarus’s Finance Ministry has formally announced new regulations in law and established a legal framework with an immediate effect.
With these regulations in effect, Belarus aims to become the world’s leader in blockchain and crypto legislation. Belarus even recognized the particulars of blockchain-driven decentralization behind operations of cryptocurrency which sets it apart from others. Currently, it is composed of bringing clarity to this emerging space while it took a big step opening towards the world digital economy.
Evolution of Crypto in Belarus
Belarus had a poorly developed economy and very little resources within its territory, it often needed other countries’ support to survive and develop. The country’s entry into crypto all started two years ago, when a group of technology professionals knocked on the door of Belarusian President for favorable legislation for the technology sector as well as incentives. Lukashenko agreed to give them a chance and signed the decree quoting “If it benefits us, it’s a plus. If not, I know who to blame”.
Indeed the decree marked a revolutionary change in the evolution of the tech sector of the former Soviet republic. The most interesting aspect of the Decree is the regulation of newly introduced technological instruments such as blockchain, tokens, and smart contracts. No taxes are imposed on the companies which profit from mining, issuing, and placements of digital coins. This made his crackdown on the protestors, declaring himself a victor in many elections so far.
Rise of a crypto-friendly nation
Since the independence of Belarus, Alexander Lukanhesko has won every election and is the only politician who voted against the dissolution of the Soviet Union however he has been in power solely. He is the man behind so many regulations the country had, even switched the back and forth in allying with Europe and Russia. The President himself stated many times that his country needs to learn how to benefit from information development.
In light of new elections, there has been an increase in the number of people opposing and Belarus had a wave of protest and repression. However, all those were silenced, leaders participating against him were detained. As soon as election results were announced thousands of young protestors were beaten, dozens were injured and a thousand others were placed in detention.
While the country is growing rapidly in supporting the adoption of cryptocurrencies, it is also making the notion of elections not being free and fair clear. It should struggle enough to create a country where it can guarantee financial freedom and choices for its citizens. Indeed, Belarus is a rare country which is having a liberal attitude towards cryptocurrencies and laundering the country’s reputation for technological innovation through it.
This shows the signs in the change of direction of a community which is termed as Criminal into one which gives freedom in the crypto world. While the brand new policies create favorable situations for technological developments, critics talked about that this could make Belarus a crypto-pleasant zone. As cryptocurrency becomes more adopted and widespread, it’s possible that other states latch onto it for different ideological reasons. The question of whether its citizens receive salaries in bitcoin and pay their bills in cryptocurrency is unanswered for now.