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Cryptocurrency legalization in Belarus: government prospects and Taler’s entry to international stage

Cryptocurrency legalization in Belarus: government prospects and Taler’s entry to international stage

Shortly before the New Year, Belarus President Alexander Lukashenko has signed a decree on the development of the digital economy in order to create advantageous conditions for the IT industry development and to attract foreign companies to the local market.

“Belarus will be actually the world’s first government to provide wide prospects for the blockchain technology application,” the President stressed, “We can fully rely on the title of the regional center of competence in this sector.”

The document will legalize mining as well as legitimate token and digital currency turnovers. It establishes unprecedented conditions for developing the IT industry and attracting specialists from around the world, giving the country a competitive advantage to advance digital technologies and, consequently, raise funds.

 

Cryptocurrency legalization in Belarus: government prospects and Taler’s entry to international stage

 

Belarus also keeps working on the integration of national electronic currency called Taler. Besides, one is going to add it to the international exchanges this month.

Denis Lavnikevich, one of the Taler founders, noted that the first transactions with Belarus digital currency were conducted in September 2017. According to him, the total capitalization of mined talers (approximately 3 million) was more than $1 million, and its rate against the dollar grew from several cents to one dollar.

“Taler will be more and more expensive. It is an irreversible process,” Mr. Lavnikevich said.

By the way, Taler developers stress that the project is non-commercial. They are going to distribute cryptocurrency collected during premining among local businesses for free and don’t want to turn Taler into a competitor of BYN.

“The new currency can be used by many entrepreneurs. We will give various businesses a certain sum of talers collected during premining, allowing owners to use them as a storage system or a bonus program,” Denis Lavnikevich stated.

 

 

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