For some days now, virtual coins transactions are legal in Belarus. According to Reuters, this financial move will improve the development of the private sector and will attract foreign investments.
The president of Belarus, Alexander Lukashenko, has signed last week a decree making the cryptocurrencies legal.
Bitcoin, the most popular virtual currency has come to a depreciation of 30% last week, in comparison to a record value of almost $20 000 which was reached last Sunday. Despite the decrease, Bitcoin supporters deny the volatility related warnings, claiming that this is the beginning of a new monetary system that doesn’t rely on central banks.
Belarus economy is still polity dominated, decelerated by birocracy and by the inefficacy of some companies, also it relies on Russian subventions and money.
Lukashenko, former head of agricultural farm collective, who last year called the Internet ‘garbage’, has introduced reforms to enhance the business climate after 2015-2016 recession.
The freshly signed decree, is meant to attract virtual coins investors whom focus their business in areas of ‘friendly’ politics regarding cryptocurrencies. Regulation authorities tend to give much attention these days to virtual coins.
The IT sector of Belarus has thrived this past year, even if the economy of this country is a bit in trouble. There are records of foreign employees, on different positions in IT, payed five times better than the average income of Belarus.
Dozens of software companies deploy activities in high-tech park of Minsk, among all, the American company EPAM Systems, founded by two investors from Belarus in 1993. It is also known as EPAM and it is a global provider of software engineering and IT consulting services headquartered in Newton, Pennsylvania, US.
The economy from Belarus has returned to a rise of 1.7% this year, according to estimations, FMI anticipates that next year, the GDP will remain at 2% per year if the industry will not be modernized.
The Bitcoin value has diminished these days, reaching $11 000, but many users are claiming that this is just a break from the immense growth that is going to come.
Meanwhile, more and more users are starting to focus more on the other virtual coins that have been neglected for a while. Even if the Market has suffered a little crash, there are currencies that still didn’t.