Belarus Now Has Its Own First Legal Cryptocurrency Exchange Beyond 2020

Legal Cryptocurrency Exchange

Introduction to Legal Cryptocurrency Exchange

Cryptocurrency is one of the aspects of modern technological advancement which does not have a peer. The replacement of the barter system with currency revolutionized the way people used to do business.

Although the evolution of currency spans over thousands of years, it has become prompt in modern times. Everyone around the world, despite the level of education, understands the concept of currency.

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However, cryptocurrency is a phenomenon that most people would like to read more about in order to grasp the concept.

Since we have shifted to online mode in almost everything, cryptocurrency is practically utilizable everywhere. From buying t-shirts to ordering dissertation help UK services, it can become a useful medium of transaction in the future.

What is Cryptocurrency?

To understand cryptocurrency, we first must understand what currency is. Currency, to roughly understand is the form of money that is generally used for the transaction.

It can either be in the form of banknotes or coins, whatever is with the approval of a government. While the normal currency of a country is in the form a substance or material, cryptocurrency, is in contrast with its digital counterpart.

It means that modern life is going to handle its commerce without material possession. While this concept has seen various sorts of criticisms, many countries are adopting it for their own good.

Recently, Belarus has launched its first cryptocurrency exchange service. The news has circulated across the globe within a jiffy as the controversial cryptocurrency has become official in one country.

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The History of Going Crypto in Belarus: 

The history of cryptocurrency in Belarus is quite brief. The president of Belarus, Alexander Lukashenko, who was once reported to call internet garbage has just signed an agreement for the official launching of cryptocurrency.

With the help of a crypto firm called White Bird, now the citizens of Belarus and Russia can exchange money and trade using this digitalized version of currency.

It all began with the recession in 2015 and 2016 when the economy of Belarus suffered great strikes. The president was enthusiastic for economic reforms that could help their economy rise again and stand firmly.

In 2017, the president met with Viktor Prokopenya, an entrepreneur, and discussed with him the boost of the economy through IT solutions.

The technological sector of the country at that time was not going through a bright patch. Hence, after his discussion with the president, Prokopenya began to work with technological companies to lay down the foundations for this venture.

Today, the guiding principles and laws are there, in existence. Now buyers can get things and pay in digital currency with the help of Prokopenya.

Various other companies have started to cash this opportunity out. They are currently working on projects to launch their own cryptocurrency platforms.

Belarus and Russia:

While this new venture is a joint one between Belarus and Russia, the international focus is on Belarus. Why is it so? The union of Belarus and Russia has already seen ups and downs.

The two allies have faced various confrontations from each other in the last twenty years. In these years of ties, both the nations have become hostile to each other in some cases at least.

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This time, Belarus has successfully pressurized the Russian government to accept the decentralization of currency. While cryptocurrency was the new matter of disagreement, Belarus was keen to pressurize Russia to surrender on their terms.

The liberal approach from Belarus over the matter of decentralization is in contrast with the Russian conservative approach.

However, with a firm stance from Belarus that Russia cannot block Belarusian cryptocurrency like that, it finally becomes a successful project for Belarus.

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Is It Beneficial for Belarus?

The launch of cryptocurrency exchange and the setting of rules can benefit Belarus in various ways. With their economy under immense pressure in the last few years, it can become a soothing breeze for the nation. However, the definite results are yet to arrive as it is only the beginning of a long journey.

The efforts from this tiny ex-soviet nation have become crucial for international cryptocurrency companies as well. When these kinds of companies launch themselves in a new territory, two things matter.

Firstly, they look for lighter rules which do not ask them to comply with hardcore regulations. After that, comes the security of the online exchange.

However, hardcore regulations ensure the safety of payments and transactions. This kind of safety can be observed in the financial hubs of the world like London and New York.

Hence, stable financial companies prefer safety over loosened rules and regulations. However, Belarus can take advantage of startups by offering them rules which do not ask much from the investors’ side.

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With a less protective set of regulations, these startups can benefit as well while compromising on their security. Yet, it makes money laundering and other related crimes easier which are not admirable.

The Final Word:

With its launch of cryptocurrency exchange, Belarus has joined Bahrain and other smaller states in supporting the digitalized currency.

This step has the potential to revolutionize the financial system. However, it depends on whether the bigger economies accept these or not.

Although, Russia has jumped into the crypto market after Belarus exerted pressure. Yet, it is still to accept this decentralized form of money exchange entirely.

In the modern world, where things have become unimaginably convenient, digital currency is going to take us into a whole new era.

Cryptocurrency is the way forward through which we can easily make transactions in less than a jiffy. Moreover, it is useful for trade and profits through buying and selling, which helps the global economy boost up.

Now, with more and more governments accepting the phenomenon, we can expect a boom in the cryptocurrency world. Perhaps in the future, we are ever going to buy dissertation help UK services using cryptocurrency.

Author Bio:

Faith Coles is a prominent digital marketer and writer. With her expertise in writing, she is enthusiastic to promote product and influence the customers’ minds through marketing techniques. Writing is a hobby that get her going as she thinks it helps her articulate whatever is there resting in her mind.

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