Belarus may be first in the world to introduce smart contracts

Belarus may be first in the world to introduce smart contracts

Belarus is going to give green light to bitcoin, introduce the norms of English law and smart contracts. How to make Belarus an IT hub of Eastern Europe? This question was discussed on December 11 at a meeting with the Belarus President. The head of state was presented a draft decree on Hi-Tech Park (HTP) and the digitalization of the economy. The document provides for further development of HTP, staffing, introduction of new financial instruments and technologies, such as blockchain.

In particular, the special regime for the Park of High Technologies will be extended until 2049. Thanks to modern mechanisms, transactions will be simplified, and inefficient taxes will be abolished for the services of foreign organizations. Activities of HTP residents will be supplemented by artificial intelligence, Internet of things, unmanned vehicles, and marketing services in the IT field.

Alexander Lukashenko, President of Belarus:
Our country is firmly determined where to go in this matter. The digital transformation of the economy is one of the key priorities for the development of the state. We maybe are a bit late, because while we talked and reasoned, the leading powers have already moved forward in this direction. If someone wants to earn a fortune on this new wave, to become rich, to stuff pockets, I do not mind. You're welcome! Your case, your right. So go act. Just do not forget that you have a state. For now no one has canceled the state. Unfortunately, and, to some extent, unexpectedly for me, the state has not lost its role. It is strengthening its role.

All intelligent people now understand what stability and order are. And everyone is trying to moor to this shore. We are ready to organize such a quay, and even more - a harbor. You must become good masters in this harbor. Give a chance to earn. But the state needs power. Therefore, it must be supported. I mean when earning yourself, do not forget, please, that you live in a particular state. You can never reproach me for the fact that your money, received in the treasury in the form of taxes, will be stolen. Never! If you want to suggest new directions for using budget money - please. I have not yet signed the budget, I did not pass the law. All reasonable initiatives and proposals will be implemented immediately.

MORE: Hi-Tech Park 2.0 draft decree in detail

The decree defines such concepts as crypto currency, tokens and mining and introduces them into the legal field. This will promote the development of blockchain technology inside Belarus. This is the path advanced countries are taking. This sphere is actively developing in Switzerland, Singapore, Canada and the USA.

Now Belarus can be the first country in the world to introduce smart contracts - computer algorithms for commercial agreements in line with blockchain technology.

In general, the decree on the development of the digital economy will create conditions for the development of Belarusian IT companies, open investments for foreign capital, eliminate risks in the field of quality education and attract the strongest personnel to the country.

UPDATE: Decree on Digital Economy was signed in December 2017. Please click here to learn all the innovations it introduces in Belarusian IT sector.