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Belarus Outranks The U.S. And China In World’s Crypto Ranking

Belarus was ranked 13th in the countries ranking according to the degree of Blockchain business-friendly conditions. 

The country outranked the U.S., China, Russia and other superpowers.

Leaders and outsiders

Of all of the 23 analyzed countries, the most favorable conditions are observed in Estonia, Australia, and Singapore. They are followed by Switzerland, Japan, Germany, Sweden and the United Kingdom.

The top three have the most favourable conditions in political, legal and infrastructure environment for business projects related to blockchain and cryptocurrencies.

Meanwhile, Turkey, Ukraine, China and India, have the least favorable conditions. China and India are a special case of extremely restrictive legal regulation of cryptocurrencies and a rather favorable attitude to blockchain.

What about Belarus?

Belaru, ranked 13th, is the only country with comprehensive legislation on the blockchain and cryptocurrencies, is close to the leaders.

Recall that in 2017, a presidential decree established a liberal regime for regulating cryptocurrencies was adopted, the situation is determined by the dominance of the positively-minded executive in the country’s decision-making system.

However, as a developing country, Belarus is significantly inferior to the leaders in its online services infrastructure, ease of doing business, and the scope of legal risks to business due to the low level of rule of law, the report reads.

The authors also note that it could be among the leaders of the Index, as the first country to try to introduce special complex regulation for the blockchain and cryptocurrencies at the legislative level.

They also quote the words of President Alexander Lukashenko:

“Belarus is in fact becoming the first state in the world, which opens up broad opportunities for using the blockchain technology. We have every chance of becoming a regional center of competence in this area.”

Peculiaries

The Belarusian approach is different in that legal entities can only work with cryptocurrencies in the High-Tech Park (a platform with a special legal and administrative status).

belarus cryptocurrency ranking doing crypto blockchain

Vsevolod Yanchevsky, the director of the High-Tech Park. Photo: HTP press service

Besides, Belarus has a ban on the use of cryptocurrencies as a means of payment within the country. Cryptocur-
rency transactions are only possible in the framework of the HTP.

Obtaining the status of a resident of the HTP is associated with serious administrative barriers. Despite the legalization of operations with cryptocurrencies in 2018, no resident with this type of operation has been registered so far.