Belarus Legalizes Cryptocurrency, ICO, & Smart contracts
The myths and misconceptions about crypto currencies has kept governments suspicious about the ability of block chain technology to improve the overall standard of governance. However, the rising popularity of Bitcoin has forced several governments to have a close look at the path breaking technology.
As reported last week, Russia has already taken initiatives to use the technology for document storage. Now, Russia’s neighbor Belarus has officially announced the legalization of all crypto currencies and ICOs.
Belarus confirmed that there will be no taxation of any block chain technology related activities for the next five years. Notably, even smart contracts are included in the relaxation. With this announcement, Belarus has become the most open-minded country, as far as crypto currency is concerned.
Unlike the European Union, Belarus has made it clear that they have no intention to ban Bitcoin. While several European countries are munching on some form of taxation on crypto currency transactions, Belaraus has made a well thought out decision to postpone taxation related matters by five years. That would give ample time for the crypto currency related business to flourish in Belarus, and a proper assessment can be made on the pros and cons, before making a final decision on taxes. Several countries continue to oppose crypto currencies as it would lead to a borderless world.
Companies who are planning to come up with ICOs would certainly welcome the decision. All crypto currencies can be exchanged for traditional currencies on exchanges operating in Belarus. Ironically, the National Bank of Belarus had recently stated that they do not support legalization of Bitcoin. We can expect several companies to set up shop there soon.