The largest bank of the Republic of Belarus began to exchange cryptocurrencies

Belarusbank, the largest bank in Belarus, has opened a cryptocurrency exchange service. Service clients will be able tobuy and sell digital currencies using Visa cards. This was reported by the Prime Press edition.

Bank representatives said that the launch of the exchangecryptocurrency has become one of the elements of the implementation of the digital transformation program announced several years ago. The service will be available for citizens of Belarus and Russia. The new service will allow exchanging cryptocurrencies for Belarusian rubles, US dollars and euros.

Hereinafter, the list of served jurisdictionswill be expanded and supplemented, the list of supported cryptocurrencies will also be expanded. The bank promised "to provide a number of additional services at the intersection of the traditional economy and innovative financial technologies."

Cryptocurrencies in the Republic of Belarus werelegalized in December 2017 following the adoption of the Digital Economy Decree. The industry is exempt from taxes until 2049, and citizens of the country have the right to own digital currencies, exchange them, buy and sell for Belarusian rubles and foreign currency. None of these actions need to be declared.

There is also a Hi-Tech Park in the country.(HTP) is a special tax and legal regime for the development of IT business in Belarus. Operations with cryptocurrencies that are carried out by companies and individual entrepreneurs registered in the Park are not subject to VAT and income tax; individuals do not have to pay income tax, including mining. Digital money transactions in Belarus do not require a special license.

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