Standards Set For Cryptocurrency Accounting In Belarus

Belarus is a European country, home to a population of just nine million people. Famous for its sweeping green landscapes and beautifully clean cities, it’s rare the country makes headlines with regards to cryptocurrency news. Today however, the 27/03/2018 the Ministry of Finance housed in Belarus have formally introduced standards for Cryptocurrency Accounting which are to be adhered to with immediate effect. According to AtoZForex, the Ministry of Finance have released a document that details how cryptocurrency should be categorised by organisations. This is important for companies that are completing accounting documents, essentially now they must include details of cryptocurrency-based transactions, including information on the type of coins used, the content of the coins used, the value of the coins when first used and the value of the coins at the time of reporting. This might seem like a strange move; however, it does coincide with a document signed off by the President of Belarus, Alexander Lukashenko, back in December 2017. The document, titled the ‘Digital Economy Growth Bill’ was released in support of blockchain technology and cryptocurrency. The document details plans to streamline any cryptocurrency innovations that take place within the country, this includes the introduction of the Belarusian High-Tech Park, an economic zone that has been designed to replicate the economic principles of Silicon Valley. The bill also details that it will allow the advancement of cryptocurrencies and initial coin offerings in an aim to inspire more Belarusian people to kick start their own cryptocurrency campaigns. By setting a legal requirement and a list of cryptocurrency standards for companies in Belarus completing their own accounting tasks, the government remains committed to ensuring transparency exists within cryptocurrency markets. You might initially worry that these standards have been put in place to make using cryptocurrency more difficult, but in fact, after further research it does seem that these measures are in place to support legal and safe cryptocurrency use throughout the whole country, in a bid to inspire more citizens and companies to get involved. The building of the Belarus High-Tech Park offers a great economic boost to the area. Maybe with this and the new standards in place, more companies will look at moving their operations to Belarus, especially those with a keen interest in cryptocurrency and blockchain technologies. Featured Image Source: Pixabay