Cryptocurrencies will be legalized in Belarus if President Alexander Lukashenko signs a draft decree on the Belarusian High-Tech Park, Bitcoin News reporte.
If the law is passed, cryptocurrencies and initial coin offering (ICO) tokens will be approved for circulation. In addition, exchanges will be able to trade rubles for cryptocurrency, ICOs can be used for financing, and mining will also be allowed by law in Belarus.
The decree was prepared this summer to facilitate the inflow of international investments into the High-Tech Park (HTP), and IT-focused special economic zone in Belarus, similar to Silicon Valley in the US. It also aims to incorporate new technologies and innovations in the HTP.
“It is expected that Belarus will have a system for the exchange of real money for cryptocurrency, in fact, such exchange points will be legalized,” Priorbank’s Head of Digital Banking Sergey Lazyuk said this week.
He added, “the republic would then be one of the world’s leading countries in terms of cryptocurrency development.”
Belarus is also about to have its first centralized crypto exchange. Set to launch in the spring of next year, this exchange “will be the first in the territory of the Customs Union (Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan).