Belarusian president signs a ruling supporting the free movement of cryptocurrencies

On February 15, Belarusian President Alexander Lukashenko signed a decree confirming that the country officially supports the free circulation of cryptocurrencies such as Bitcoin (BTC).

According to the Presidential Press Agency, the President signed Decree No. 48 on the registration of virtual wallet addresses and the circulation of cryptocurrencies. Belarus is steadily developing its legal framework for digital asset regulation. Unlike many other countries, it allows virtual currencies to circulate freely.

The signed document lays the legal basis for the Belarusian Hi-Tech Park to manage a registry of crypto wallet addresses used for illegal acts. It also specifies the procedures for the process and operation of the register. The ruling document sets out procedures and standards for government authorities to obtain cryptocurrency from criminals.

In addition, the regulation also aims to protect digital asset market participants from the risk of property damage. It is also designed to prevent individuals from unknowingly engaging in illegal activities.

The ruling underscores the country’s positive stance on cryptocurrencies. In addition, continuous monitoring of the situation and increased and clarified regulatory standards are required. In view of this, the head of state has signed the ruling. Following the ruling, the Council of Ministers will take the necessary measures to implement the law within three months of its publication. Lukashenko’s latest move in the Belarusian crypto regulatory ecosystem reaffirms the country’s commitment to supporting the development of cryptocurrencies, including crypto mining and trading.

Belarusian President Alexander Lukashenko encouraged miners to stay in the country to mine cryptocurrencies rather than immigrating to Poland or Germany for low-paying agricultural jobs. During his inspection in the southern part of the country, he said that there is sufficient electricity there, and there are many vacant industrial sites. It might be useful to use electricity to create something, such as mining cryptocurrencies.

In fact, the Belarusian government has been a supporter of the cryptocurrency industry since 2018. In March 2018, Belarus promoted the legalization of crypto-related business activities, including mining, through a presidential decree. In April 2019, Lukashenko suggested that a Bitcoin mining farm could be built at the nuclear power plant in the Grodno region on the Lithuanian border to utilize surplus electricity. In November last year, Sberbank, the country’s largest banking institution, launched a service that allows users to buy and sell digital currencies using Visa cards.

While Belarus appears to be embracing cryptocurrency adoption, some of its most important economic and political partners lag behind in cryptocurrency regulation. (Golden Finance)