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23 January, 2018

The 'last dictator of Europe' opens widely the door to cryptocurrencies!

Belarus President Alexander Lukashenko appears to be far more open-minded than many Western leaders, considering Belarus decision to legalize cryptocurrencies in March 2018 and his recent statements on the issue:

           Belarus President Alexander Lukashenko has announced that a decree which will be in effect on March 28, 2018 will legalize cryptocurrencies in the state of Belarus. The decree entitled “On the development of the digital economy” was signed by President Lukashenko on December 21, 2017. It will legalize not only cryptocurrencies but also initial coin offerings (ICOs) and the use of smart contracts. It was further explained that the decree’s main goal is to create an environment that can encourage the world’s leading IT companies to come to Belarus where they can open development centers as well as create products that could be famous in the world.

Lukashenko is the one that the Western media insist to call him 'last dictator of Europe', despite that he was targeted by an abortive U.S.-funded “color revolution” in March 2006. It is not accidental that Lukashenko opposed Western-backed "shock therapy" during the post-Soviet transition. The one that under IMF mafia destroyed Russian economy in the late 90s.

And this is another evidence that we are in the process where countries are choosing sides, in order to find an alternative to the Western monetary monopoly that imposes sanctions at will.

Being closer to the Russian camp, Lukashenko's decision could be related to the fact that, quite recently Russia made a first move to issue its own cryptocurrency. While Vladimir Putin implied that Cryptorouble comes as a natural attempt by Russia to participate in rapid developments in the sector of monetary and commercial transactions, it is quite probable that there are other reasons too. At the time where Russia struggles to overcome continuous sanctions by the West and BRICS seek complete independence from the Western monetary monopoly, the move could contribute significantly towards the achievement of both of these goals.

Recall that months after Russia became the first country to announce the creation of a state-backed Cryptorouble, Venezuela has followed suit, announcing the creation of El Petro, a state-sanctioned cryptocurrency to be backed by Venezuela’s extensive reserves of crude oil.

Venezuela has already broken free of Dollar dependence months ago when Caracas announced it would be trading its oil using China’s Petroyuan. Venezuelan President Nicolas Maduro also stated that he would like to begin trade with Russia in the Rouble. With Venezuela heavily sanctioned by the United States, El Petro looks to be another tool which Venezuela can use to continue and conduct international commerce without relying on Dollar based financial institution.

An official oil-backed cryptocurrency could work in tandem with Russia’s soon to be launched Cryptorouble, a digital currency which will ostensibly be backed by the vast resources of the Russian state. With western governments ambivalent about how to treat existing cryptocurrencies, Russia and Venezuela have taken the lead to both normalize cryptos while backing them by well-known assets.

So, Belarus is another country that seeks to open the door to cryptocurrency technology in order to 'jump' into the alternative market of the future that will be flooded by a plethora of cryptocurrencies, in order to avoid Western hostile actions through sanctions or economic war.

Naturally, the more countries will start adopting the cryptocurrency alternative, the more Wall Street panic will grow ...

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