Category Archives: Fourth Industrial Revolution

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Belarus Turns up the Heat on Crypto as Business on Fire in Minsk

Belarus is alive and well in the world of cryptocurrency as high tech and crypto companies choose the former Soviet Republic as the new place to do business in the region.

The Belarus Hi-Tech park in Minsk is fast becoming a fintech center with 388 companies now registered as conducting business there. Much of the new interest in fintech in the country has been put down to Belarus President Lukashenko’s Decree №8 signed in December of 2017 called “On the Development of the Digital Economy” which has attracted new business to Belarus firmly set as its main aim.

Now that Belarus has legalized cryptocurrency trading for residents, many related businesses have been attracted to the park despite the majority of companies working in the IT and software sectors. Blockchain company Aetsoft, which provided services to ICOs and exchanges since 2014, is one of such businesses dealing with clients in the US, Germany, and Denmark. Another company, Biggico, whose international team has built an advertising platform for crypto projects, was established by Belarusian and Latvian entrepreneurs.

Other companies now operating out of Belarus, currently developing cloud-based crypto mining facilities include Pm Pool and Smartpool. Another company, Aiscom offers cryptocurrency payment solutions to exchanges, wallet providers and ICO projects.

The country has no intention of being left behind in the region. As reported by local news outlet Korea JoongAng Daily, the deputy foreign minister and ambassador of Belarus Andrei Dapkiunas told reporters that the European nation is open to investment into Fourth Industrial Revolution (4IR) technologies; this includes blockchain, Artificial Intelligence (AI), Robotics and the Internet of Things (IoT).

Belarus recently expressed interest in strengthening economic and business ties during a recent working visit to Seoul, particularity in the fields of fintech and blockchain technology. Diplomats from Belarus are keen to extend the cooperation between the two counties to promote new projects in the country.

Although the Hi-Tech park currently lacks cryptocurrency exchanges, what has been called “the first Belarusian cryptocurrency exchange” launched by crypto platform Crexby, is ironically based in New York City rather than its natural home of Minsk. The platform was started by Belarusian immigrants living in the US.

The main reason behind a lack of exchanges operating out of Belarus has been put down to the government’s lukewarm attitude toward digital currency, combined with local financial institutions’ reluctance to support cryptocurrency transactions and work with exchanges. More government clarity regarding cryptocurrency has been called for by both cryptocurrency exchanges and companies selling related products.

 

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Uzbekistan and Belarus want South Korea’s Crypto Knowledge

South Korea’s high profile status in cryptocurrency space is leading less crypto-developed nations to seek advice from them in the hope to secure valuable insight in further developing their know-how in the industry.

Both Uzbekistan and Belarus, two central European countries still in development in the space, are turning to the East for support.

Uzbekistan has recently legalized crypto trading in the country and has announced some initial regulations for both trading and mining. The new decree, “On measures to organize the activities of crypto-exchanges in Uzbekistan”, states any company providing for the purchasing of or sale of crypto assets on a platform will be recognized as a legal exchange.

The country, which is now working to create a state-owned, national coin trading platform, also wants to attract foreign exchanges, to which end authorities in the nation’s capital Tashkent have sought the support of the Korean Blockchain Business Association (KOBEA).

As part of an ongoing negotiation, the Uzbekistan Revolution 4.0 project has been formed to further develop the country’s new crypto industry, with KOBEA cooperating with Uzbekistan’s regulatory body, the National Agency for Project Management. Further plans to build a mining center and a blockchain academy and a large research complex in Tashkent are also under consideration with KOBEA on hand for technical advice.

The country is also expecting to call on South Korean cryptocurrency experts in order to begin offering specialized educational courses at universities around the country.

Belarus has no intention of behind left behind in the region. As reported by local news outlet Korea JoongAng Daily, the deputy foreign minister and ambassador of Belarus Andrei Dapkiunas told reporters that the European nation is open to investment into Fourth Industrial Revolution (4IR) technologies; this includes blockchain, Artificial Intelligence (AI), Robotics and the Internet of Things (IoT).

Belarus recently expressed interest in strengthening economic and business ties with during a recent working visit to Seoul, particularity in the fields of fintech and blockchain technology. Diplomats from Belarus are keen to extend the cooperation between the two counties to promote new projects in the country.

 

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