Immediately after the re-election of the incumbent President of Belarus Alexander Lukashenko, a wave of rallies swept across the country. Residents of the country protested against the election results and accused the authorities of falsifying the ballots. However, many crypto experts believe that this is a good sign for the development of the digital market in the country. First, the President of Belarus Alexander Lukashenko has repeatedly insisted that it is necessary to develop cryptocurrency mining in the country since the future belongs to digital technologies. Such statements have been controversially accepted by the residents themselves, who do not believe in a bright digital future.
Also, Belarus has already introduced several bills that should legalize the circulation of cryptocurrencies following the example of neighboring Russia and Ukraine. Also, the country's central bank is preparing a regulatory framework that allows commercial and state banks to launch tokens and conduct business as crypto-exchanges.
Recall that in the Republic of Belarus the legal framework for cryptocurrencies appeared in 2017. Mining and digital assets are fully legalized in the country. Citizens of Belarus are not required to declare tokens. Until January 1, 2023, cryptocurrencies are tax-free.
President of Belarus Alexander Lukashenko is interested in the digital asset industry and even suggests using surplus electricity from a nuclear power plant to mine bitcoins.
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The fact that Belarus is on the path of adopting cryptocurrencies and creating an open cryptocurrency mining market is clear from recent events. For example, the government of the Republic of Belarus refused to tax crypto exchanges and mining companies. Earlier, BeInCrypto reported that individuals and legal entities are exempt from any form of taxation of transactions with digital financial assets until 2023. In the future, the government may reconsider its decision.
And the automobile concern of Belarus MAZ conducted its own ICO intending to attract $ 3 million from private and corporate investors. The cost of one MAZ token was $ 100 per unit. According to company representatives, the conditions for investors are more than acceptable: the token has a fixed annual rate of return and a validity period. The rate of return for the investor is 5.5% per annum, the term is three years (one and a half year offer). Income will be paid every three months.
This policy indicates that the Republic is striving for leadership in the crypto market in Eastern Europe and has every chance to occupy its niche in this business.