Another Country Introduces Cryptocurrency Standards

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A document about tokens, providing information needed for accounting purposes, was officially introduced by the Belarusian Ministry of Finance.

The document introduces accounting standards in addition to information on how to categorise tokens depending on their future use.

Strong support for Blockchain

Belarusian President Alexander Lukashenko signed the “Digital Economy Growth” bill last December. The bill supports Blockchain and development of cryptocurrency. It aims to reduce bureaucracy that could get in the way of Blockchain innovation.

Different classifications for various tokens are now introduced. Those purchased for the “realization of token-certified rights” will fall under “Settlements with various creditors and debtors” and “Other expenses and revenues.” credit categories.

Tokens that will be re-sold, will be classified under “Goods”, “Settlements with contractors and suppliers” and “Current expenses and incomes” credit section. And lastly – those coming from mining will go under “Finished Products” debit account and the “Primary Production” credit account.

The type of tokens and their initial value at the start of the year and the end of the reported period is to be included as well.

This is yet another crypto-related step by the Belarusian president. A High-Tech Park, an economic zone modelled after the Silicon Valley is planned to be built. The aim – to allow development of new technologies – specifically cryptocurrencies and ICOs.

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