Belarus legalizes cryptocurrency and boost ICO

Belarus has legalized cryptocurrency to invite foreign investors as part of the country's efforts to boost private sector growth. President Alexander Lukashenko signed a ruling on Thursday.

Belarus is wedged in Russian and EU forces and the economy is still dominated by countries where bureaucracy and state-owned companies are inefficient, and subsidized dependent. Lukashenko has introduced several reforms to improve the business ecosystem and shore up the economy after the recession in 2015 and 2016.

"Everyone who is smart knows what stability and order they all are trying to get here. We are ready to arrange a pier and even a port," said Lukashenko.

The decision was designed to attract virtual coin entrepreneurs who are trying to move businesses to more friendly locations where other countries are banning. Belarus opens industry opportunities to make the leap forward and allow foreign capital to come in comfortable conditions.

The country's law enforces ICO and transactions, including all trade will be tax-free for the next five years. The IT sector in Belarus has evolved where dozens of software companies operate in Minsk. The economy is forecast to grow 1.7 percent this year.