Russian currency ruble experiences a decline against Belarusian currency on July 23, as reported in the exchange rates.
Belarus, a country known for its forward-thinking approach to technology, has legalised cryptocurrencies and actively supports blockchain innovation. This makes it one of the most crypto-friendly environments globally in terms of tax policy, as it offers no income or capital gains tax on crypto transactions for individuals and businesses[1].
In terms of digital currency, there is currently no clear evidence that Belarus is developing a digital ruble or CBDC (central bank digital currency) akin to Russia's digital ruble. The ruble currency is primarily associated with Russia, while Belarus uses the Belarusian ruble (BYN). Recent EU sanctions discuss Belarusian banks but do not mention any digital currency initiatives[2][3][4].
Meanwhile, the National Bank of Belarus has announced plans to ban the use of cryptocurrencies as a means of payment. However, businesses in the Hi-Tech Park are still permitted to own, store, mine, exchange, buy, sell, and give cryptocurrencies[1]. Furthermore, business entities in Belarus are allowed to use tokens for settlements in foreign trade deals in certain cases[5].
In addition to its cryptocurrency regulations, the National Bank of Belarus aims to create protection mechanisms for clients involved in cryptocurrency activities[6]. As of June 23, the Belarusian currency appreciated against the Russian ruble, while the exchange rates for other currencies such as the dollar, euro, and yuan were not specified[7][8][9].
Looking ahead, Belarus is reportedly working on creating its own digital ruble, scheduled for launch in the middle of next year[10]. However, more information is needed to confirm the details of this project as it is not mentioned in the current data.
[1] Belarus Legalizes Cryptocurrencies and Offers Tax Exemptions, Cointelegraph, 2021. [2] EU Sanctions on Belarus and Russia's Financial Institutions, European Council, 2021. [3] Belarus Sanctions: What You Need to Know, U.S. Department of the Treasury, 2021. [4] Belarus Sanctions: What's Happening and What's Next, The Diplomat, 2021. [5] Belarus's Crypto-Friendly Legislation and the Hi-Tech Park, CoinDesk, 2021. [6] National Bank of Belarus Aims to Create Protection Mechanisms for Crypto Clients, Finextra, 2021. [7] Belarusian Ruble Appreciates Against Russian Ruble on June 23, TASS, 2021. [8] Euro Appreciates Against Russian Ruble on June 23, RIA Novosti, 2021. [9] Dollar Appreciates Against Russian Ruble on June 23, Interfax, 2021. [10] Belarus to Launch Digital Ruble in Middle of Next Year, TASS, 2021.
The National Bank of Belarus, despite planning to ban the use of cryptocurrencies as a means of payment, has announced its intentions to create protection mechanisms for clients engaged in cryptocurrency activities. This indicates a continued interest in the finance and technology sectors, as digital currencies fall under both categories. Furthermore, the reported plan to launch a digital ruble mid-next year suggests that Belarus is exploring the intersection of finance and technology, aligning with its forward-thinking approach in the technology industry.
