Belarus to Incentivize Investment by Providing Funds with Access to Cryptocurrencies
Feb 04, 2022 at 12:00 //
NewsThe government of Belarus is working on changes to current legislation to incentivize investment. Among other things, investment funds will be given access to cryptocurrencies.
The draft is currently at the stage of public consultations. In addition to access to cryptocurrencies, the new legislation will allow professional securities market players to participate in the Belarus Hi-Tech Park. Another benefit is the extended grace period for taxation. The new draft plans to extend it until January 2031.
All these initiatives are aimed at creating incentives for the growth of investment funds. The activity of such funds brings many benefits to the economy. But due to the political turmoil in Belarus, they have practically stopped working.
The public consultation period will end on February 11. After that, the new draft could be further amended or adopted.
Reviving the economy
Belarus' economy suffered greatly during the massive protests in 2020. As reported by CoinIdol, a world blockchain news outlet, cryptocurrency companies also suffered heavy losses due to the massive internet shutdowns.
Currently, the country is gradually recovering from these events while the government is trying to use all available means to improve the situation.
In general, Belarus was known for its friendly attitude towards blockchain and cryptocurrencies. The government of Alexander Lukashenko actively explored the benefits of these nascent areas. The decision to allow investment funds to access cryptocurrencies was likely justified by the industry's high profits. Although the market has generally been in the red in recent months, many analysts believe this is a great opportunity to buy the dips and make significant long-term gains.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Lana Smiley, @Khareem Sudlow