The "unprecedented" Decree on the Development of Digital Economy, signed[1] by President Alexander Lukashenko in December, officially came into force on March 28 in the Republic of Belarus. The document[2] signals a new dawn for the country, facilitating any form of cryptocurrency-related activity, and according to the leader should make Belarus “a tech country".
The Cointelegraph editorial visited the post-Soviet country to conduct their own investigation and find out if everything is as it seems to be at first glance and dig into the real benefits of "free crypto-economics".
Belarusian version of "Silicon Valley"
While global competition for qualified IT professionals grows evermore fierce, Belarus offers a number of benefits to attract professionals from around the world, in particular a major incentive stemming from tax breaks until January 1, 2023. This helps to ensure foreign capital flow and ultimately a better relationship with the West.
For the purpose of creating and supporting innovative startups in the country, the government created the High-Tech Park (HTP), which becomes the mecca of the first national cryptocurrency operators.
In the global community, the new economic zone has already been nicknamed the Belarusian version of Silicon Valley. The thing is that its residents, registered IT companies, can take advantage of unique opportunities and privileges for business development at an early stage.
Image source: HTP press-center
According to the innovative infrastructure's concept author, Vsevolod Yanchevsky, the tech park will become "one of the most comfortable places in the world for conducting IT business":
"The Decree, developed on behalf of the President of the country, really turns Belarus into one of the most comfortable places in the world for conducting IT business. Moreover, the powerful positive effect of the Decree will
