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Huge effect expected from digital economy ordinance

Economy 26.12.2017 | 09:31

MINSK, 26 December (BelTA) – I expect Ordinance No.8 on digital economy development to produce a powerful effect, Chairman of the Council of the Republic of Belarus' National Assembly Mikhail Myasnikovich said in an interview with the Belarus 1 TV channel, BelTA informs.

The decree has enabled the legal environment for initial coin offering (ICO), using cryptocurrencies, and introducing smart contracts. Belarus has become the first country in the world to adopt blockchain-based comprehensive business regulations. “As far as I know, we are pioneers in this field. No country has ever said with such certainty that it is ready to work towards setting up an analogue of an international financial or currency center,” Mikhail Myasnikovich remarked.

In his words, with the digital economy development ordinance being adopted, Belarus has formulated its policy in this field, and also the actions of relevant companies and individuals within the framework of cryptocurrencies. “The decree describes every process in detail, namely registration, turnover, and taxation,” Mikhail Myasnikovich recalled. Thus, the rules are enshrined in law.

“I am firmly convinced that the effect will be huge,” the speaker stated. He added that Belarus has a good intellectual potential in this field.

Mikhail Myasnikovich dubbed Ordinance No. 8 as a “powerful national project”. “It holds great prospects. We cannot even predict for the time being how highly-demanded it will be. Neither can we estimate its value in money. I believe that it is a door to future,” the speaker highlighted.

The goals set forth in the document should be accompanied by great trust and certain social responsibility “for us and our partners who will be working under new conditions to be confident”, the official said. This project, he added, has an enormous cumulative effect.

“We cannot imagine for the time being how profound and positive the consequences can be. The most important thing is that we are the first. This is our project and our ideas. Neither the IMF nor other organizations gave us recommendations. We made our own way towards this document: Belarusian thinkers, politicians and economists. I feel very happy about this fact,” Mikhail Myasnikovich summarized.

BelTA reported earlier that Belarus President Alexander Lukashenko signed the digital economy development ordinance on 21 December. The document enables unprecedented conditions for developing the IT industry and gives a serious competitive edge to the country for building a 21st-century digital economy.

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