Although bitcoin and the cryptocurrency market have had some difficult times this year when it comes to being recognized as a currency by different states, there are also some good news for this market. The state of Belarus has decided to recognize bitcoin as a legal currency.

This means that bitcoin has been officially recognized as a legal currency in Belarus. The government of the country and its president have approved the legalization of bitcoin. Furthermore, initial coin offerings (ICOs), blockchain development and smart contracts have also been legalized in the country.

Without a doubt, Belarus could become an important location for the development of bitcoin and its growth. An important thing to mention in this context is that Belarus has decided that it would not impose any taxes on cryptocurrency mining or trading, or on the sale of digital tokens. This is without a doubt a difference from what other countries, such as South Korea, offer.

Local media reported that the country's authorities have decided that no taxes will be imposed for the next five years, until 2023, on mining, sale or creation of digital tokens. This is definitely good news for those who want to engage in such activities.

Belarus could become the best destination for IT related businesses

According to several analysts, the new legislation actually makes Belarus one of the most favorable countries in the world for IT related businesses. Belarus could also become the preferred destination for the development of blockchain technology and related businesses. And without a doubt, this is what Belarus sought in the first place.

It has been claimed that the main reason why the government decided to adopt such a legislation is linked to its desire to become a good environment for businesses to develop cryptocurrency based companies or invest in such firms and further grow the country's digital economy.

Blockchain projects and startups can freely evolve in Belarus without having to worry about legislation.

The Belarus government allegedly is also willing to provide full support to blockchain projects and decentralized applications in a market that is now dominated by the US, Japan, South Korea and Hong Kong. How the cryptocurrency market will grow now in Belarus is something yet to be found out.