The Republic of Belarus recently saw a conference SmartTaler, which was dedicated to fintech companies that reported on the current situation and prospects of cryptocurrency in our country, ky.by reported.

International law firm Cobalt’s lawyer Timothy Sawicki addressed during the conference about the regulation of cryptocurrency.

In a statistics by Timothy, the market of electronic money (WebMoney, EasyPay, Ipay) declined over the years 2015-2016. The reason for the decline is the active development of alternative payment systems and banking technologies that are closer and more understandable to the consumer. In addition to this, electronic money has a number of drawbacks including limited use for legal entities, high licensing requirements for issues like retail banking services, legislation not providing a mutual exchange of ED, among others (loosely translated).

“Compared to the e-money, cryptocurrency is not considered as a means of payment in Belarus. If in the US, France, Germany, Great Britain, bitcoin is recognized at least as a part of property, money substitutes and private money. Interior Ministry of Belarus and the National Bank believes that it is better to refrain from the use of an anonymous and uncontrolled system, making itself feel that bitcoin reputation is tarnished due to shadow operations. In addition, the owner of the virtual currency is not protected in the event of violations ", he stated (loosely translated.

He added that since many countries and states are thinking on to legalize bitcoin digital currency, Belarusian authorities will not opt out of this alternate payment method.

“Or at least not prohibit people from using this currency. Otherwise, we may find ourselves in isolation when all countries will be allowed to Bitcoin, but we do not”, Sawicki added. “This currency replaces the money within the same platform or service. And it can be used for purchases of gaming accessories. Output in most cases it is impossible.”