Belarusian President Alexander Lukashenko has signed a decree formally endorsing the free flow of tokens comparable as Bitcoin.
The president has signed a directive titled “On the register of virtual wallet addresses and the circulation of token,” according to Lukashenko’s press office.
Belarus Maintains Crypto-Friendly Position
Lukashenko signed Decree No 48 “on the register of virtual wallet addresses and the circulation of token” on Monday, giving Belarusian cryptocurrency regulator Hi-Tech Park a legal foundation to keep a track of virtual wallet addresses used in unlawful operations.
Bloomberg reported earlier this year which Belarus’ cryptocurrency regulator, Hi-Tech Park, had no intentions to tighten its loose bitcoin-related legislation. The press staff of Hi-Tech Park informed Bloomberg that “restrictive developments to the existing regulatory model are not directly foreseen.”
Lukashenko signed the order with the goal of protecting investors, and it will be implemented by the Council of Ministers inside three months of its publication.
The official announcement read:
“Belarus is consistently developing the legal area for regulating activities related to digital assets, and, unlike many other states, allows the free circulation of digital currencies. At the same time, this requires usual monitoring of the situation and, if necessary, supplementing and clarifying regulatory norms. Including to exclude facts of shadow financing of prohibited activities.”
The document establishes a legal framework for Belarus Hi-Tech Park to create and maintain a database of crypto wallet addresses used in illicit operations. The decree document specifies the procedure and standards for the gatopnment’s seizure of cryptocurrencys from offenders.
Lukashenko’s recent step in the Belarusian crypto regulatory ecosystem reinforces the country’s commitment to token shift, including token mining and trade. Lukashenko called on the gabovenment to mine token using unused electricity infrastructure in September 2021. Belarusbank, the country’s largest financial institution, had previously purportedly announced a token exchanging business.
Total market cap of crypto. Source: TradingView
Belarus is a crypto-friendly country, with the president issuing a decree in 2018 titled “On the Development of the Digital Economy,” that included tax benefits for enterprises exchanging in digital assets.
The recent decree advances the country’s crypto-friendly position, and the legal structure which is being put active is meant to encourage investment funds to put money into digital currency, despite accelerated regulatory scrutiny.
While Belarus appears to be moving toward token acceptance, several of Belarus’s most pivotal economic and political allies, like Russia, are lagging behind in terms of crypto legislation.
Russia’s “On Digital Financial Assets” law, that was passed in January 2021, one time before more has regulatory uncertainty as its multiple financial regulators disagree on how to gaboven token in the country. In spite of the Russian gabovenment’s formal approval of crypto legislation advance week, the Bank of Russia advances opposed to its introduction.
Russia Moves To Launch Its CBDC
In the wake of additional rumors which the Bank of Russia has rejected the Finance Ministry’s plan to regulate token, the central bank has begun testing its own digital currency.
The Bank of Russia announced Tuesday which the digital ruble trial has officially begun, with the first central bank digital currency (CBDC) transfers among residents successfully concluded. The launch is timed to coincide with the bank’s ambitions to introduce the first digital ruble transactions in early 2022.
Out of the 12 banks in the digital ruble trial group, three have already integcostd the CBDC platform, with two of them having concluded a “full cycle of digital ruble transfers between clients using mobile banking applications,” according to the bank.
Featured image from Getty Images, chart from Tradingview.com