Belarus president Alexander Lukashenko signed the decree that legalizes Bitcoin, initial coin offerings (ICO) and transactions in crypto-currencies, including their exchange for traditional currencies on Belarussian exchanges, while all trades will be tax-free for the next five years. This makes Belarus the first European country to officially recognize crypto-currencies and put the legislative in motion.
Document named “On Digital Economy Development’, states that “The main goal … is to create such conditions that global IT companies would come to Belarus, open their representative offices, development centers, and create popular products in the world.”
This legislation will surely open the new frontiers for capital and industry to set place in Belarus.
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The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing (by adding to) our experience of mutual interaction.