Cryptocurrencies are not regulated in most countries, and so far that hasn’t stopped them from growing. Quite the contrary, it’s like the lack of government oversight has helped the entire market prosper, with Bitcoin reaching (and even surpassing) $10,000 in the last few days.
Belarus thinks it can compete in this space according to a CoinTelegraph report, and its President Alexander Lukashenko is expected to sign the draft decree on the Belarusian High-Tech Park (HTP) that will make the use of digital currencies in the country lawful.
Said HTP is an IT-focused special economic zone, modeled on California’s Silicon Valley, offering companies various tax incentives. With this new proposal, Belarus is looking to attract the inflow of foreign investments and integrate new technologies and innovations in the HTP.
The proposal
The draft proposal would not only legalize virtual currencies, but also Initial Coin Offerings (ICOs) and mining, with exchanges getting the green light to trade rubles for cryptocurrencies.
In addition to hoping to propel innovation, the regulation also aims to protect all players in the market, according to the major Belarusian IT holding firm the Belhard Group CEO Igor Mamonenko.
“The maximum legalization is needed,” he said. “The existing laws do not prohibit such activity directly, but it is necessary to reform the legislation so that it protects all participants.”
The local newspaper Tut By Media echoes the sentiment, adding that the decree will lead to the civil circulation of cryptocurrencies in the country.
“A comprehensive legal regulation is proposed so that HTP residents can provide crypto exchange services, exchange cryptocurrencies, attract financing through ICOs, [and] use cryptocurrencies and tokens in civil circulation,” they said.
Not the only country looking for blockchain-based innovation
Belarus is by no means the only country fighting to get a piece of the growing “crypto pie.” The US-based companies are arguably leading the way, but many interesting things happen all around the world.
Switzerland, Australia and Canada are among those gunning for “crypto dollars,” and are looking to attract talent and capital their way. In addition, many of the world’s developing countries are eyeing the space, looking to take advantage of all the benefits digital currencies provide, low-cost transactions being one of them.
The good thing is that this won’t be a zero-sum game, and at the end of the day — we’ll have many interesting companies from all around the world fighting for their place under the sun. And as we know it – when there’s competition, good thing happen. 😉