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Belarusian banks announce 3-year token pilot program

June 13, 2020

On June 10, 12 Belarusian state and commercial banks received permission from the national central bank to issue digital tokens. These digital offers will be distributed through a pilot program that will be implemented shortly.

According to Sputnik Belarus The country has adopted Decree No. 8 “on the development of the digital economy”.Authorization of the Belarusian National Bank to implement the dynamics of the digital economy in banks.

The government framework will create the legal environment required for initial coin offerings (ICOs) in Belarus. The pilot program runs from January 1, 2021 to January 1, 2024.

The pilot program will take place in a blockchain free trade zone

Belarusian banks announce 3-year token pilot programBelarusian banks announce 3-year token pilot program

participating banks belong the Belarusian-Swiss bank, the BTA bank and the Belarusian Volksbank. This includes the Belarusbank, the country’s largest bank.

The pilot program takes place in the Hi-Tech Park. A blockchain free trade zone based in Minsk with several cryptocurrency mining centers.

The report adds that the National Bank has given banks the power to raise funds from their ICOs in Belarusian rubles from national individuals or companies.

However, the central bank indicated this Banks could not get cryptocurrencies during the pilot program, non-citizens can still buy tokens with national or foreign fiat money.

A final decision could be made in March 2024.

Sputnik makes that clear Participation in the pilot project is limited to 10% of the regulatory capital of the banks.

It is expected that The President of Belarus will decide by March 1, 2024 whether the program will be extended or not or even made a permanent element.

Cointelegraph reported on March 9 that the Investigative Committee of the Republic of Belarus eA legal initiative is planned to enable this agency to seize cryptocurrencies that result from illegal activities.

In 2019, the Belarusian attorney general raised concerns about the role cryptocurrencies could play in tax evasion in the country.