Lately, Belarusians are having an increased interest in cryptocurrencies. Media has played a significant role in popularizing the concepts of Bitcoin, mining and blockchain. And guess what? They still want to know more. Their increasing demand to know the virtual-Currency world has even left some questions unanswered. Their concern mostly lies whether legalization would be the right step for the country and whether financial transactions will be as smooth as they have been told. With №8 Decree passed, there happens to be a lot of questions that Belarus has come up with.
President Lukashenko signed Decree №8 last December to legalize the cryptocurrency sector in Belarus. Implementation will be initiated from March 28 including tax exemptions and other added incentives until 2023. The aim is to improve the digital economy and technology.
According to Naviny, Belarusians have also seeked for ways to earn from Cryptocurrency. Questions about starting a mining farm or doing it at home have increased 20 times more. Reports claim that Belarusians have searched for cryptocurrencies 45 times more than they ever did. ICO searches have increased about 5 times more than last year. And this surging interest in cryptocurrencies have been traced as a result of the Decree.
The presidential Decree lets companies and individuals do transactions in cryptos and tokens. Registration as a Belarus resident is the first step to attain that. Any individual can change cryptocurrencies into fiat but whether they can pay in Bitcoin in stores or pay for a trip is still unknown.
It is also not highlighted whether foreigners can register as residents of Belarus or is it just a local entity. It is still unclear whether cryptos are legal tender after the legalization. A new set of documents have been officially approved by the government which states the relation between banks and crypto sectors. The operators will be cited as high risk clients of the financial sector. The National Bank has confirmed that virtual money aren’t reliable as assets and repeatedly warned the banks to be cautious. The authorities have also affirmed to provide security and safety and check on any possible illegalities that crypto might bring with it.