In a bid to attract international investments in technologies like Blockchain technology, cryptocurrency and even self-driving cars, that were once forbidden or seen too risky Belarus has drafted a bill this week that will address these high tech IT spheres.
With the draft legislation, Belarus is not alone targeting the Eastern Europe country but international markets to bring Blockchain technology and cryptocurrency into the mainstream.
In a similar approach to Switzerland’s sandbox approach, the bill will allow the offering of services of cryptocurrency exchanges, use of cryptocurrencies and tokens and launch of ICOs to raise funds.
The proposed bill will legalise and promote the use of digital currencies as well as its mining, which were earlier no clear regulations. Big mining centres which would be highly successful would come up because of the abundance of reasonable electricity that is available through the nuclear power stations in the country.
The National Bank made an announcement with the bill coming into force that it has tested and approved the use of Blockchain technology in the banking sphere. The National Bank further seeks to use Blockchains as an information network within banking and non-banking sector.
The self-regulatory mechanism for the management and development of the Belarusian Blockchain network using Council of Nodes has been created by the Central Bank.