Rising acceptance of cryptocurrencies: from Belarus to the New York Stock Exchange


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In the media, passions do not subside about the imminent tightening of the Fed’s monetary policy, which is why a correction is predicted for the entire financial sector, including stocks and cryptocurrencies. However, due to youth, the degree of recognition of the cryptocurrency market is more important than the strength of the US dollar or the cheapness of loans.

Global Cryptocurrency Adoption Index from Chainalysis

While the debate between the Central Bank and the Ministry of Finance on the status of cryptocurrencies continues in Russia, the Republic of Belarus is improving the regulatory framework governing the circulation of cryptoassets. Thus, the Decree of February 14, 2022 provides for the creation of a register of virtual wallets used in illegal activities.

The exit from the shadow of the cryptocurrency sector began on December 21, 2017 with the signing of Decree No. 8 “On the development of the digital economy”. Now several licensed cryptocurrency exchanges operate in Belarus, and tax holidays have been extended until January 01, 2023.

In the same 2017, JPMorgan CEO Jamie Dimon called Bitcoin a “scam”. However, the very next year, the bank was testing its own crypto platform, a little later it issued the JPMCoin token, and in 2022 it became the first lending institution to open an office in the Decentraland metaverse. “Over time, services similar to services in the physical world may appear in the virtual real estate market, including loans, mortgages and leases,” the report says.

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