Cryptocurrency Exchange Launched In Belarus
January 15, 2019
The first online cryptocurrency
exchange -- based on blockchain technology -- has been launched in
Media reports in Belarus said on January 15 that what they called the
"world's first regulated tokenized securities exchange" at Currency.com
was financially supported by London-based Belarusian entrepreneur Viktar
Prakapenya and Russian businessman Said Gutseriyev.
The online service would allow users to exchange different types of
cryptocurrencies as well to sell and buy them for national currencies.
Tokenization -- the process of substituting a sensitive data element
with a nonsensitive equivalent, referred to as a token -- may be used to
safeguard sensitive data such as bank accounts or financial statements.
A blockchain is a digital ledger where transactions made in Bitcoin or
another cryptocurrency are recorded chronologically and publicly.
Blockchain technology makes online transactions faster and more secure
as well as anonymous.
The project is launched more than a year after Belarusian President
Alyaksandr Lukashenka legalized transactions in cryptocurrencies such as
signed the decree on December 22, 2017. He said at the time that the
move was aimed at attracting foreign investors and turn Belarus into a
regional center for blockchain technology.
Lukashenka said Minsk wanted to create conditions to encourage global IT
firms to set up branches, research centers, and production facilities
The decree makes initial coin offerings and transactions in
crypto-currencies legal and all such trades will not be taxed until
January 1, 2023.
The IT industry is one of the few booming sectors of the Belarusian
The High-Tech Park was created in Minsk in 2006 to spur growth in the IT
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