Monday, December 25, 2017

The nation of Belarus legalized Bitcoin and is welcoming all cryptocurrency platforms, mining operations, and ICO's

Eastern Europe is suddenly becoming ground zero for cryptocurrency acceptance as what was once limited to Estonia is now being magnified in the country of Belarus.

On Dec. 22, Belarus officially recognized Bitcoin as a currency and in what is expected to commence in three months time, the country is also morphing full bore into a cryptocurrency mecca through the welcoming of platforms, mining operations, and ICO's.

Graphic courtesy of BTC Manager
Russia's western neighbor, Belarus, has officially recognized bitcoin, cryptocurrencies, their mining and initial coin offerings (ICOs), becoming one of the first countries in Europe to do so. 
The decree was signed by the Belarusian President Aleksandr Lukashenko last Friday and comes into force in three months. 
"The main goal of the document is to create an environment for leading IT companies to come to Belarus, open development centers and create products that would be popular in the world," the president's press service said. 
Now, the people of Belarus can list and promote ICOs, create and sell cryptocurrencies, establish cryptocurrency exchanges and do other operations with digital money. 
Bitcoin and other virtual cash can now be given as a gift and inherited in Belarus. All operations with cryptocurrencies are not considered a business activity. 
Those who want to participate in the Belarusian bitcoin haven, will not be obliged to reside in the country. They will only have to register a firm in Belarus. However, if you want to launch a cryptocurrency exchange in the country, you must have at least $500,000 in a local bank. 
During the next five years - until January 1, 2023 - many transactions with tokens will not be taxed. You will also not be obliged to pay VAT when transferring the ownership rights to other people, including foreign organizations. Profits will also be given a tax break. – Russia Today

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