Cryptocurrency paradise of Belarus

Belarus has actually become the first state in the world to create special conditions for the use of blockchain technology. Programmers feel like a “privileged caste”; Belarusians hope to get rich from mining, and in a completely legal way. Minsk Nuclear Power Plant plans to use its capacity for cryptocurrency mining.

Belarus actively began to be interested in cryptocurrency two years ago. In 2015, the first FinTech hackathon in the CIS was held there (with the support of the National Bank of Belarus), where the discussion centered on virtual currencies and their capabilities in the modern world. And in April 2016, the Bitcoin & Blockchain Meetup Minsk was organized and held for the first time, where it became clear that military-technical cooperation is interesting for residents of the capital and beyond.                                                                                                 

Rather low prices for electricity and a sharp rush of demand for cryptocurrency also provoked a request for video cards for mining. Throughout 2017, news about the popularity and possibilities of Bitcoin in Belarus excited the public. In the spring of 2017, at the “Bank of the Year” event, the country’s first ATM for cryptocurrencies was presented.     

In December 2017, the logical outcome of the development and maintenance of interest in cryptocurrency was the signing of a decree on the development of the digital economy, which received the informal name “decree on HTP 2.0.”  (we wrote about this event earlier)

In essence, Belarus is creating an offshore zone for operations with cryptocurrencies. A paradise for investors - miners is limited to the Hi-Tech Park, an extraterritorial technology park created back in 2005. The website of the High Technology Park notes: “Thanks to the adoption of this document, the Republic of Belarus becomes the first jurisdiction in the world with comprehensive legal regulation of businesses based on blockchain technology.”

To summarize the provisions of the document, it gives the legal right to any activity with cryptocurrencies.

The main thing: tokens and income from cryptocurrency transactions are not subject to declaration by individuals. Until January 1, 2023, turnover and profit (including income and proceeds) from transactions with tokens are not taxed. Individuals have the right to own tokens, mine, exchange tokens, buy and alienate them both for Belarusian rubles and for foreign currency or electronic money (for example, WebMoney), and at the same time give and bequeath.

A number of development centers of world companies are already operating in Minsk - for example, Viber and Juno.. Not long ago, the possibility of opening development centers for Uber, as well as a number of others, was discussed in Belarus. Belarusians’ own developments, including MSQRD and Fabby, have recently become popular among investors and are attracting the attention of global corporations.
 

To fully realize the opportunities that the Decree opens, a material, technical and energy base is naturally necessary. Resolving this issue, given the energy intensity of the mining process, would be problematic if not for the power of the Belarusian NPP. The initiative to use the energy of nuclear power plants for the extraction of cryptocurrencies belongs to Minsk resident Alexander Khrol.

In Belarus, the question of “what to do with the electricity” that will be generated by the nuclear power plant after commissioning has long been discussed. Today, Lithuanians have refused to supply electricity, arguing the refusal on political grounds. Energy comes from Russia anyway; Ukraine has many power plants of its own. The issue with Poland remains open for now.

Alexander sent his ideas to the Presidential Administration. From there they responded and transmitted the letter to the State Academy of Sciences. They promised to take the proposal into account and analyze it. The official letter noted: “The issues you raise about mining and the effective use of cryptocurrencies based on blockchain technology relate to complex modern problems, which are now being studied by both domestic and foreign specialists,” says the response from the Joint Institute of Informatics Problems of the National Academy of Sciences of Belarus. Mining cryptocurrencies requires the use of significant computing resources and energy consumption. In particular, issues of possible use for these purposes of electricity that will be generated by the Belarusian nuclear power plant under construction are being considered.” 
At the same time, initially the idea of ​​​​using nuclear power plants for mining appeared as a joke on the “RB brain” Twitter.

Given such a pace of implementation of cryptocurrency and ensuring its production with sufficient electricity at a low price, Belarus joins the countries that have a favorable atmosphere for the development of the cryptocurrency market.. In the future, it will be possible to pay with cryptocurrency on a par with the national currency of the Republic of Belarus in the nearest supermarket. The number of goods and services for which you can pay with cryptocoins is already increasing in the country. 

We will name only a few:

• Tyre Plus - a chain of car tire stores

• Cafe Connect - Apple service center and store in Minsk

• Stylish House - Windows and doors (Grodno, Kosmonavtov St. 81a)

Cafe

Hookah bar “Altair” (Brest, Masherova Avenue 96/1)

Cafe Mezzanin (Molodechno, Prititskogo St. 21)

Services

• Mobile ODO Auto Help Company - issue of discount and bonus plastic cards

• "Roof Cleaning"  Discount when paying with bitcoins (Brest region, Glinyanki, Tsentralnaya st. 64)

• BELBURSTROY - Construction company (Grodno, Zbozhovaya st. 21)

• Apartment rental - Apartment rental in the city center (Minsk, Krasnaya str. 21A)

According to https://ru.insider.pro