Belarus has drafted a bill this week that addresses high tech IT spheres including Blockchain technology, cryptocurrency and even self-driving cars, in the hope of attracting international investment in technology that were once forbidden or seen as too risky.
Belarus and this draft bill hope to pull Blockchain technology and cryptocurrency into the mainstream, not only in the Eastern European country but also internationally.
In its own version of Silicon Valley - Hi-Tech Park - the bill will allow residents of this hot spot of forward thinking to offer services of crypto exchanges, use cryptocurrencies and tokens and launch ICOs to raise funds similar to the sandbox approach in Switzerland.
Cryptocurrency faced an ambiguous regulatory and legal standing in the country until now, but with the proposed bill the digital currencies, as well as the mining associated with it, will be legalized and promoted.
This will allow for big mining centers to be formed which will be highly successful due to the excess and reasonable electricity that is available through the nuclear power stations in the country.
Banking on Blockchain
With this draft legislation tabled, the National Bank has proudly announced that it has tested and approved the use of Blockchain technology in the banking sphere.
The National Bank of Belarus is now looking at using Blockchains to as an information network within banking and non-banking processes.
The central bank has created a self-regulatory mechanism for the management and development of the Belarusian Blockchain network using Council of Nodes (owners certifying nodes), whose members have equal rights.
The first practical use of this Blockchain network in the sector, according to the National Bank is the ability to transfer information about bank guarantees. The next step will be the introduction of the Blockchain technology in the securities market.