The state of Belarus seems to be a supporter of cryptocurrencies. The country's authorities recently announced that cryptocurrencies use will be legalized in the state. The announcement was reportedly made after the president of the country, Alexander Lukashenko, signed a decree in favor of cryptocurrencies.

The decree signed by Belarus will enter into effect in March

Bitcoin.com reported that the president of the country signed a decree which indicated that initial coin offerings and smart contracts will be legal. The decree is said to enter into effect on March 28.

Another good news for bitcoin supporters is that the decree does not impose restrictions when it comes to cryptocurrency activities. However, it reportedly does mention that these types of activities will be tax exempt until 2023.

This decree was actually first announced back in December, when Lukashenko first signed the proposal. The decree was released under the name of: On the development of the digital economy. An attorney explained that the new decree will give entities the possibility to use cryptocurrencies:

The bottom line is that the new decree will ensure that no restrictions will be affecting the cryptocurrency market. However, an important thing to mention is that the decree reportedly does not cover activities such as "mining, acquisition, alienation of tokens, carried out by individuals." The decree also defines what tokens, cryptocurrencies and smart contracts are.

Reportedly, with the release of this decree, Belarus will actually be the first country in the world which will legalize smart contracts.