By Dmitry Titov: The President of Belarus signed a revolutionary document – the ordinance on the development of the digital economy in the country. The document is truly revolutionary, since it offers full legal regulation of businesses based on blockchain technology.
Thus, Belarus has become the world's first cryptocountry. Cryptocurrencies in the broad notion are not only bitcoins. It is a great tool for doing business without lags around the world. For example, a contract or a deal can be put into a computer code. And all participants of the chain will see what conditions are set forth in the smart agreement. The programme automatically signs the agreement between the parties.
Today, it is the most secure technology for conducting transactions, and it does not require a third party for any deals.
The new ordinance gives an opportunity to become a shareholder of a start-up once it is set up. If the project succeeds, their value will only grow. This tool is very popular in the West and is one of the best ways to motivate employees at the initial stage of setting up a business.
The document is revolutionary both for the world IT sector, and for the Belarusian economy as a whole.
Among other things, the ordinance extends the tax regime in Belarus High Technologies Park until 2049. Residents do not have to pay the VAT, the tax on foreign organizations and offshore fees. Large-scale support will be provided for education, too. IT companies can provide sponsorship and grants to talented teachers and students. Visas for foreign workers and of HTP residents are canceled. They can stay in the country for up to 180 days.
Belarus is turning into a major hub for the most powerful developments from around the world.
