Lack of support won't bring Belarus to the booming of digital economy, experts say

11 Nov, 2018
by Fifi Arisandi
Lack of support won't bring Belarus to the booming of digital economy, experts say

The economy of Belarus, a former Soviet Union country shines brighter as more crypto businesses open in the country.

Belarus may be a small country in the Eastern Europe, but it’s one of the top choices for fintech companies, including crypto firms to expand or open an office.

The Belarus Hi-Tech park located in the capital, Minsk, has 388 registered fintech companies running, as reported by News Bitcoin.

The credit goes to the president, Alexander Lukashenko, who signed Decree no 8, “On the Development of the Digital Economy” 8 months ago that has attracted numerous businesses to the country ever since.

With one of its main goals is to bring foreign high-tech businesses to the country, the document also legalized activities related to digital assets, such as ICOs and crypto mining for all registered companies in the country.

While many other countries apply new stricter regulations towards cryptocurrency, such regulation definitely compelled crypto-related business to come to Belarus.

Several examples are Aetsoft that provides services to ICOs and decentralized exchange to their US, Germany and Denmark-based clients, Biggico whose advertising platform specifically supports crypto projects all over the world.

In the field of crypto mining and wallet providers supports, there are Far East Technologies, KBL Group, PM Pool, Smartpool, and Aiscom.

However, there are no crypto exchanges listed on the High Tech Park so far, according to News Bitcoin, which experts predict it has anything to do with the central bank’s “lukewarm” attitude towards crypto and commercial banks’ unwillingness to support digital assets transactions.

Despite its very inviting decree, the “unsupportive” reality from the country’s financial institutions is said to hinder the expected result stated on the decree, as it would only change Belarus into a “crypto-offshore”.

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