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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