Belarus Central Bank is imposing new restrictions on foreign currency transactions in response to EU sanctions. Such a move could create complications for citizens and push them to seek alternatives such as cryptocurrencies.
Belarus cybercrime authorities want to confiscate cryptocurrency involved in criminal activity, including money-laundering, terrorism financing and other fraudulent operations. All they need is an official permission from the government and the President.
As Bitcoin continues to trade above $5,000, the President of Belarus, Alexander Lukashenko, revealed that his government will support innovation initiatives associated with cryptocurrency (such as Bitcoin, Ethereum, Ripple) and blockchain technology. He suggests opening a mining farm for crypto.
On the last day of autumn, November 30, Belarus announced legal regulations for crypto-related businesses. All companies that are residents of the Belarus High Technology Park have received the regulator’s support.
Intending to use the global interest in digital currency to benefit the country’s budget, Belarus has officially presented information containing cryptocurrency accounting standards, as the recent document issued by the Ministry of Finance states. The document has outlined the ways of categorizing virtual coins that are obtained from organizations.
Play2Live (P2L), the first full-blown blockchain-based streaming platform for gamers and esports fans, will host the world’s first esport tournament with crypto prize pool. The tournament will take place in the capital of Belarus, Minsk, and will be broadcasted by P2L worldwide in seven languages: English, Russian, Chinese, Korean, Spanish, Portuguese, and German.
Alexander Lukashenko, the President of Belarus has signed a Decree on the development of the Blockchain-based digital economy, which also implies the official development of cryptocurrency payment acceptance, mining and trading. Moreover, tax privileges will be introduced for transactions with cryptocurrencies.